Tds applicability (if no tax audit aapplicable)
This query is : Resolved
23 January 2014
Dear Experts,
If a private limited company has zero sales, zero purchase, zero transaction in last three financial years.
And this year it purchased a land (Fixed asset)and paid commission to agent of Rs.15,00,000/-. (This year also no trading sales/purchase)
1) Does TDS is applicable in this case.
(Tax audit not applicable)
2) Can this commission may form part of Land price ? and add to cost of Land ?
3) If so, then can still TDS is applicable, as no expenses is debited to P&L, hence there will be disallowance ?
If a private limited company has zero sales, zero purchase, zero transaction in last three financial years.
And this year it purchased a land (Fixed asset)and paid commission to agent of Rs.15,00,000/-. (This year also no trading sales/purchase)
1) Does TDS is applicable in this case.
(Tax audit not applicable)
2) Can this commission may form part of Land price ? and add to cost of Land ?
3) If so, then can still TDS is applicable, as no expenses is debited to P&L, hence there will be disallowance ?
23 January 2014
1) TDS is applicable in this case even tax audit is not applicable. TDS liability is still arise on company even tax audit is not applicable.
2) Yes, Commission on purchase of fixed assets should be include in cost of asset.
3) If TDS is not deducted then It will be added in income, not disallowed as expenditure.
2) Yes, Commission on purchase of fixed assets should be include in cost of asset.
3) If TDS is not deducted then It will be added in income, not disallowed as expenditure.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
