08 April 2011
Dear Sir, One of my client the discontinue of proprietorship business activities from April 2010, Now he started new proprietorship business other trade name from April-2011. In FY 2009-10 he has deducted TDS on Interest, commission & other contract and paid to Government Accounts. In FY 2011-12 the TDS will applicable or not on Interest & commission & others. I think this is the first year of business as a proprietorship concern thus the TDS not applicable. The business turnover for FY 2010-11 will around 70 & 90 Lacs. Kindly suggest the same.
08 April 2011
Yes, since 2011-12 is the first year of operation as proprietor TDS on interest and commission is not applicable, though the turnover may exceed the Tax audit limit of Rs.60.00 lacs for FY 2011-12.
CAclubindia
