Applicablility of TDS
This query is : Resolved
Pritesh Katariya
(Querist)
14 May 2011
i would like to know that which type of organization are applicable to deduct TDS.
if the firm is not having audit even then is it liable to deduct tax.
if the firm is not having audit even then is it liable to deduct tax.
14 May 2011
TDS provisions attracts to "firms" irrespective of turnover limit.
14 May 2011
Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax.
However in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs. 60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source.
However in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs. 60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source.
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