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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- ITR 4 and Bank transactions
- FCRA 6 E- Intimation
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
