Tds applicability

This query is : Resolved

Dhaval (Querist)
Follow

07 February 2012 I have little idea that a person doing proprietary business to whom tax audit not applicable is also not required to deduct tax from payments.
Is this true?
Please explain with section number.

CA. Hari Kishan

CA. Hari Kishan (Expert)
Follow

07 February 2012 Provision of TDS shall not apply to a assessee who does not require to get his account audited during the previous year.. the section you could refer are 194A, 194C, 194H, 194I, 194J...

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

07 February 2012 Who shall deduct tax at source?

Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax.
However in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs.60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source.

So if tax audit is applicable in respect of Fy 2010-11 you need to deduct TDS from Fy 2011-12.

Dhaval

Dhaval (Querist)
Follow

08 February 2012 Thanx both of you for your reply.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Tushar Gupta

zafar chandwale

CA Narender Yarragorla

NICKOONJ VANANI

S. AGARWAL & ASSOCIATES

Subscribe Now

Tds applicability

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA