Is it mandatory to deduct tds , if i have recd tan no.
This query is : Resolved
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
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
(Expert)
17 March 2018
no it is not necessary for you to deduct TDS.
KAVIRAJA ADDANGADI
(Expert)
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.
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.
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.
19 March 2018
50k per month is wat i pay him the salary & incentives as per his performance mostly 2-3 salary.
KAVIRAJA ADDANGADI
(Expert)
19 March 2018
It is advised to deduct TDS even though you are not come under tax audit.
KAVIRAJA ADDANGADI
(Expert)
19 March 2018
On all transactions.
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