Is it mandatory to deduct tds , if i have recd tan no.

This query is : Resolved

kinjal (Querist)
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17 March 2018 HI,

I have started my own sole proprietary firm and my turnover for FY 2017-18 will be 50 lakhs, I have applied for TAN & received the same in the month of Feb,2018.I was not aware that who's turnover is less than 1 crore for them tan is not mandatory. Now i have TAn no , so i need to deduct TDS on my transaction.

Please help me

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 March 2018 no it is not necessary for you to deduct TDS.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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17 March 2018 If you have payment which you need to deduct as per Various section considering Limit for which tds applicable, If TDS not applicable no need to deduct TDS.

kinjal

kinjal (Querist)
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19 March 2018 Dear Sir,
I just have one employee to whom i pay salary of 50k , so do i need to deduct tax as my turnover will be 50,00,000 for FY 17-18 & may Business transaction is almost below 20,000.

kinjal

kinjal (Querist)
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19 March 2018 50k per month is wat i pay him the salary & incentives as per his performance mostly 2-3 salary.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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19 March 2018 It is advised to deduct TDS even though you are not come under tax audit.

kinjal

kinjal (Querist)
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19 March 2018 On all transation or only on salary paid..

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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19 March 2018 On all transactions.

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