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194J

This query is : Resolved 
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(Querist)
31 May 2010 during audit of an assesee i found these entries :
audit fees a/c dr. 9000
taxation matters a/c dr. 9000
to xyz & co. a/c 18000

consultancy fees a/c dr.5000
to xyz pvt. ltd.5000

partners are same in both firm & co.

is tds u/s 194 need to deduct by asssse in this case or not?
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CA. NIRMAL SINGH

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CA. NIRMAL SINGH (Expert)
31 May 2010 tds IS not to be deducted becoz xyz pvt. ltd. is a separate entity.
also co. do not have partners.
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CMA.Palani Arumugam

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CMA.Palani Arumugam (Expert)
31 May 2010 Since, xyz & Co and xyz Pvt ltd are different, you have to consider the limit of Rs.20000/- for each firm/company.

In your case, payment/credit does not exceed the limit of Rs.20000/-, hence no deed to deduct tds.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
31 May 2010 Agree. TDS is not required to be deducted.
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
31 May 2010 Due to separate entity no deed to deduct tds.
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