Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2016 Dear Sir,

Kindly let me know whether an individual who is not carrying on any business or profession is liable to deduct TDS?

Thanking you.

Ankur Singhal

Ankur Singhal (Expert)
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05 January 2016 Dear
An individual in your case is not liable to deduct TDS.
as tds provisions are not applicale on ondovidual not carrying b/p.

praveen

praveen (Expert)
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05 January 2016 Except for salary payment I think everywhere else you need not deduct unless previous year was a tax audit.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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05 January 2016 An Individuals or an H.U.F. is not liable to deduct TDS on such payment except where the individual or H.U.F. is carrying on a business/profession where accounts are required to be audited u/s 44AB, in the immediately preceding financial year.

A person is liable to get its accounts audited u/s 44AB if during the relevant financial year its gross sales, turnover or gross receipts exceeds Rs. 1 Crore (A.Y. 2015-16) (Rs.60 lacs for A.Y.2012-13) in case of a business, or Rs. 25 lacs (A.Y.2015-16) (Rs. 15 lacs for A.Y. 2012-2013) in case of a profession.