Tds

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Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2013 WHAT ARE THE BASIC CONDITIONS TO STRIKE TDS PROVISIONS TO ANY ASSESSEE?
IS IT 44AB? IF YES WHAT ELSE?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 February 2013 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. 100 lakh or Rs. 25 lakh respectively (the limits will be Rs.60 Lakh or Rs. 15 Lakh respectively for FY 2011-12) in previous year, he is required to deduct tax at source.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2013 thanks for valuable reply.
is it compulsary for assessee other than individual and huf? in case of 194A,C,H,I,J?
and what about other section of tds?
please reply.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 February 2013 Yes it is compulsory for assessees other than individual to dededuct TDS on payments covered by any section.

In case of sections mentioned other than above TDS needs to be deducted irrespective of applicability of tax audit applicability.

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