TDS
This query is : Resolved
24 June 2011
As per Income Tax Act, TDS rules is to be followed by an individual, if he comes under audit u/s.44AB. However, TDS rules are not applicable in the first year of audit.
In our client's case, it was a partnership firm and the client was following the TDS rules. Due to removal of a partner, it became a proprietorship firm. The business of the proprietorship concern exceeds Rs. 60 Lakhs.
My query is whether the proprietorship concern is
1. liable to deduct TDS
or
2. not liable to deduct TDS as it is first year of business/tax audit of the proprietorship concern
In our client's case, it was a partnership firm and the client was following the TDS rules. Due to removal of a partner, it became a proprietorship firm. The business of the proprietorship concern exceeds Rs. 60 Lakhs.
My query is whether the proprietorship concern is
1. liable to deduct TDS
or
2. not liable to deduct TDS as it is first year of business/tax audit of the proprietorship concern
24 June 2011
As per Income Tax Act, TDS rules is to be followed by an individual, if he comes under audit u/s.44AB. However, TDS rules are not applicable in the first year of audit.
In our client's case, it was a partnership firm and the client was following the TDS rules. Due to removal of a partner, it became a proprietorship firm. The business of the proprietorship concern exceeds Rs. 60 Lakhs.
My query is whether the proprietorship concern is
1. liable to deduct TDS
or
2. not liable to deduct TDS as it is first year of business/tax audit of the proprietorship concern
In our client's case, it was a partnership firm and the client was following the TDS rules. Due to removal of a partner, it became a proprietorship firm. The business of the proprietorship concern exceeds Rs. 60 Lakhs.
My query is whether the proprietorship concern is
1. liable to deduct TDS
or
2. not liable to deduct TDS as it is first year of business/tax audit of the proprietorship concern
06 July 2023
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