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Tds

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(Querist)
15 February 2012 A partnership firm commenced its business on 01/04/2010 but it obtained its TDS registration in February 2012. When does its liability to deduct TDS arises?
What if the firm has deducted TDS in the Financial year 2010-11, what should it do with the amount?

Regards
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ADVOCATE CA MOHIT SURESH GUPTA

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ADVOCATE CA MOHIT SURESH GUPTA (Expert)
15 February 2012 for the previous period amount, you have to deposit with interest and file the TDS returns and the TDS liability arises as soon as you have become the assessee in the income tax in case of partnership firm. so you have to continuously do the deduction, deposition and return filing procedure.
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