TDS Applicability
This query is : Resolved
04 February 2017
Hello Sir, I am stuck in bit of a situation here and whould really appreciate your advice in this matter.
A Proprietory Concern was under Audit u/s 44AB in A.Y.2016-17(F.Y.2015-16) and was closed down in the same year. A new Proprietory concern is started in A.Y.2017-18(F.Y.2016-17)( a different Business altogether in a different sector) which is liable to Audit in this A.Y. itself(Turnover above 1Cr.).
Should TDS to be deducted from Payments made in the New Business from A.Y.2017-18,i.e., the First Year itself?
Thanks in Advance.
04 February 2017
In case of prop concern income tax recognizes only the individual who owns such concern. Hence TDS applicable for the new business in the first year itself.
05 February 2017
Yes, TDS To be deducted for Payment made to payments where require for TDS.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
