09 October 2007
I would like know are partnership firm liable to deduct TDS even if their turnover doea not exceed 40 lacs?
TDS has nothing to do with the Turnover. it is the payment limits with various sections for TDS
As for as HUF and Individuals are concerned, TDS is applicable only in case of TAX Audit (Sec 44AB). But partnership is concerned, TDS is to be deducted irrespective of the Turnover.
Thanks for the detailed information Mr Ravi Sir
14 November 2007