First year - no tds
This query is : Resolved
TARIQUE RIZVI
(Querist)
07 October 2015
Ours is a Proprietary concern and some one has told me that, if this is your first year of your establishment, tds deduction is not required and that is to say that without cutting tds you can make payment to the contractors or professionals.
What to do if:
1) Proprietary Concern
2) Partnership Concern
3) Pvt Ltd Company
4) CA firm Proprietary Concern
5) CA firm Partnership Concern
6) Professional Organisations such as Doctors, Hospitals, Nursing Homes, Solicitors, Advocates, Architects and other professional organisations
What to do if:
1) Proprietary Concern
2) Partnership Concern
3) Pvt Ltd Company
4) CA firm Proprietary Concern
5) CA firm Partnership Concern
6) Professional Organisations such as Doctors, Hospitals, Nursing Homes, Solicitors, Advocates, Architects and other professional organisations
ANKIT AGARWAL
(Expert)
08 October 2015
You must comply with TDS provisions even in the first year
TARIQUE RIZVI
(Querist)
08 October 2015
But the majority of the experts of the CA Club has advised me not to deduct & deposit tds if it is the very first year of your organisation irrespective of category of organisation
08 October 2015
DEAR RIZVI,
IN CASE PF PROPRIETORY CONCERN. I.E., INDIVIDUAL OR HUF, YOU ARE NOT REQUIRED TO DEDUCT TDS IN FIRST YEAR OR EVEN LATER YEARS. INDIVIDUAL/ HUF ARE REQUIRED TO DEDUCT TDS ONLY IF THEY ARE REQUIRED TO GET THEIR BOOKS AUDITED U/S 44AB IN THE PRECEDING PREVIOUS YEAR.
EG. INDIVIDUAL CARRYING PROPRIETORY CONCERN FROM 2010 AND IS REQUIRED TO GET BOOKS AUDITD IN F. YEAR 2013-14. THUS HE IS REQUIRED TO GET TDS ONLY FROM F.YEAR 2014-15 ONLY.
FOR OTHER ASSESSEE IT IS REQUIRED FROM FIRST YEAR OF ESTABLISHMENT.
IN CASE PF PROPRIETORY CONCERN. I.E., INDIVIDUAL OR HUF, YOU ARE NOT REQUIRED TO DEDUCT TDS IN FIRST YEAR OR EVEN LATER YEARS. INDIVIDUAL/ HUF ARE REQUIRED TO DEDUCT TDS ONLY IF THEY ARE REQUIRED TO GET THEIR BOOKS AUDITED U/S 44AB IN THE PRECEDING PREVIOUS YEAR.
EG. INDIVIDUAL CARRYING PROPRIETORY CONCERN FROM 2010 AND IS REQUIRED TO GET BOOKS AUDITD IN F. YEAR 2013-14. THUS HE IS REQUIRED TO GET TDS ONLY FROM F.YEAR 2014-15 ONLY.
FOR OTHER ASSESSEE IT IS REQUIRED FROM FIRST YEAR OF ESTABLISHMENT.
TARIQUE RIZVI
(Querist)
08 October 2015
Thanks to you for the best guideline. For example many of my clients are proprietary concerns only and they are deducting tds and depositing tds and regularly uploading the related tds returns also. Should I now stop deducting tds and depositing tds and uploading the tds returns because of the proprietary concerns. Should I do now like this ? Also please let me know the section as under which a proprietary concern is exempt from tds deduction and tds deposits and uploading the tds returns.
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