Non deduction of tds
This query is : Resolved
11 May 2016
Dear Experts,
We are proprietorship firm and doing trading business. Till feb. we were below the tax audit bracket hence not deducted TDS on any payments, but in Feb and march our sale shoot up and our sales cross 1crore for FY 15-16. Now what we need to do with the payment which are we made without deducting TDS there are many transaction of transport, rent and professional fees etc. where TDS is applicable. And now it’s difficult to get TDS amount from such parties, few of them are now not even traceable. Kindly guide me asap.
We are proprietorship firm and doing trading business. Till feb. we were below the tax audit bracket hence not deducted TDS on any payments, but in Feb and march our sale shoot up and our sales cross 1crore for FY 15-16. Now what we need to do with the payment which are we made without deducting TDS there are many transaction of transport, rent and professional fees etc. where TDS is applicable. And now it’s difficult to get TDS amount from such parties, few of them are now not even traceable. Kindly guide me asap.
11 May 2016
You are liable for TDS only from FY 2016-17.
Message likes :
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11 May 2016
Sir,
Can you please quote any notification or any section for the same so that I can show it to our auditor.
And what will be the situation if in FY 2016-17 if our Sale is below Tax Audit limit.
Thanks in advance.
Can you please quote any notification or any section for the same so that I can show it to our auditor.
And what will be the situation if in FY 2016-17 if our Sale is below Tax Audit limit.
Thanks in advance.
12 May 2016
Refer section 194C. For financial year 2016-17 you are liable to deduct tax even your turnover below tax audit limit.
13 May 2016
Respected Sir, I have refer sec 194C but such explanation is not there.
14 May 2016
During the financial year 2014-15 your turnover not crossed 1 crore and not liable for tax audit so no need for you to deduct TDS during FY 2015-16.
You auditor Knows the provisions. See the provisions it is there. You are a proprietory firm hence you will be considered as individual.
You auditor Knows the provisions. See the provisions it is there. You are a proprietory firm hence you will be considered as individual.
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