Regarding tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2011 Dear Friends

Please through some light on the TDS matter as under:

1. Who are the person require to deduct TDS?

2. Is there any exemption to
Individual/Prop.firm from TDS deduction?

Thanks for sparing your time and valuable suggestion.

Thanks in Advance

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 August 2011 Who shall deduct tax at source?

Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax.

However in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs. 60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source.

For details also see article from below link----

https://www.caclubindia.com/articles/all-you-want-to-know-about-tds-7882.asp

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2011 Dear Sanjay Ji

Thanks very much for the early reply.
further information link file is also very useful.