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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 ???????

CA Mithil Munot

CA Mithil Munot (Expert)
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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

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