No tds - first year
This query is : Resolved
07 October 2015
I have established a Proprietary Concern. The current financial year 2015-16 is the first year of this establishment. I have to pay tds u/s 94-C and 94-I. Some one has told me that the Proprietary concern is neither required to deduct tds nor to deposit if it is very first year of its establishment. Should I apply for obtaining TAN. Whether such expenses as upon which tds was to be deducted and paid shall be allowed by the income tax department. As under which rule we would be able to convince the income tax officer for obtaining exemption from tds deduction and tds deposit.
07 October 2015
You are not required to deduct TDS until your business turnover exceeds 1 crore in the previous financial year.
No TDS deduction during the first year of business. But payments to you during the first year is subject to TDS.
No TDS deduction during the first year of business. But payments to you during the first year is subject to TDS.
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