tds

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This query is : Resolved

priya jain (Querist)

09 June 2010 If our turnover is less than 4000000 in the previous year. Than will we deduct the TDS in the current year .

pls reply fast....

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

09 June 2010 If your business is Individual and HUF then you donot deduct TDS for the payment you are making in your business

K V Subba Rao

K V Subba Rao (Expert)

09 June 2010 TDS provisions of sec 194C are applicable to Individual or HUF whose books of account are required to be audited u/s 44AB (Para 159.1 of 33rd edition of Singhannia's Reckoner)

There is no provision exempting any class of assessees from application of section 44 AB (Para 52 of 33rd edition of Singhannia's Reckoner))

Incidentally, the limit of Rs 40 lacs has been revised to Rs 60 lacs from FY 2010-11 (AY 2011-12)

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

09 June 2010 Dear Subba Rao .Author not asking applicablity of Sec.44AB. the query about the TDS need to deduct on the payment made by the assessee if they not covered under sec.44AB.

K V Subba Rao

K V Subba Rao (Expert)

09 June 2010 Yes. I have read the Query once again and concur with Mr Ramesh's view

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