194J
This query is : Resolved
CA Lokesh Pokharna
(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?
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?
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.
also co. do not have partners.
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.
In your case, payment/credit does not exceed the limit of Rs.20000/-, hence no deed to deduct tds.
31 May 2010
Agree. TDS is not required to be deducted.
31 May 2010
Due to separate entity no deed to deduct tds.
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