Related to tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 May 2016
In Case of Proprietorship Firm following point to be considered & then reply me that whether firm will liable for TDS liability or not in F.Y. 2015-16:-
1. last year (F.Y. 2014-15) firm turnover was less than 1 Cr. i.e. under the limit of 44AB.
2. As per TDS Sec 194C if the amount of a particular contract exceed RS. 30000/- or the total amount of contract during the whole year exceeds Rs. 75000/- then TDS liability will incurre.
3. In F.Y. 2015-16 the limit of contract during the whole year Rs. 75000/- will cross by firm.
Now the my Question is whether firm will liable to deduct TDS u/s 194C or not ???????
1. last year (F.Y. 2014-15) firm turnover was less than 1 Cr. i.e. under the limit of 44AB.
2. As per TDS Sec 194C if the amount of a particular contract exceed RS. 30000/- or the total amount of contract during the whole year exceeds Rs. 75000/- then TDS liability will incurre.
3. In F.Y. 2015-16 the limit of contract during the whole year Rs. 75000/- will cross by firm.
Now the my Question is whether firm will liable to deduct TDS u/s 194C or not ???????
CA Mithil Munot
(Expert)
17 May 2016
As per sec194c, any individual or HUF whose books of account are audited under section 44AB during immediately preceding Financial year is liable to deduct tax.
So Proprietorship Firm is not liable to deduct TDS in above case.
Regards
CA MITHIL MUNOT
camithilmunot@gmail.com
So Proprietorship Firm is not liable to deduct TDS in above case.
Regards
CA MITHIL MUNOT
camithilmunot@gmail.com
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- Missed uploading GST Invoice
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
