TDS applicability in case first year audit in individual
This query is : Resolved
jayesh khokhariya
(Querist)
02 September 2024
Individual having turnover of Rs. 6 crore in very first year than it is compulsory to deduct TDS in first year also at applicable rate on various payment related to TDS
he has paid rent above 50000 DURING THIS YEAR THAN SECTION 194I applicable OR 194IB, As in section 194IB it is mentioned that in case of individual and HUF covered under audit than provision of 194IB will not become applicable.
he has paid rent above 50000 DURING THIS YEAR THAN SECTION 194I applicable OR 194IB, As in section 194IB it is mentioned that in case of individual and HUF covered under audit than provision of 194IB will not become applicable.
Dhirajlal Rambhia
(Expert)
02 September 2024
TDS liability except sec. 194IB, 192, etc. is not applicable in first year of business.
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