IN CASE OF INDIVIDUAL HAVE A BUSINESS AND IT IS FIRST YEAR OF BUSINESS COMMENCEMENT, HIS GROSS RECEIPTS IS ABOVE TAX AUDIT LIMIT AND HE OBTAIN THE TAN NUMBER. AFTER OBTAIN THE TAN IT IS MANDATORY TO DEDUCT TDS AS PER PROVISIONS OF INCOME TAX HOWEVER IT IS FIRST YEAR OF BUSINESS???????
30 January 2012
if the person making payment is individual or HUF, he is exempt from the provisions of TDS in most of the cases, if he is not required to submit income tax audit report u/s 44AB.
Holding of TAN does not cast reponsibility to TDS if he was not liable to audit in the previous year
CAclubindia
