Tds applicability on new business
This query is : Resolved
Sanjay Kumar
(Querist)
22 June 2012
my new business start in this year.
i paid rent 60,000/- per month
my proprietorship trading business, sale 10 lac approx.
tds deduct on rent is applicable or not
i paid rent 60,000/- per month
my proprietorship trading business, sale 10 lac approx.
tds deduct on rent is applicable or not
CA. Rajesh P. Ahir
(Expert)
22 June 2012
194 (I) is applicable only in case the rent paid or payable exceeds Rs.1,80,000 and Further the Books of Assessee are required to be Audited U/s 44AB.
In the given case TDS is not applicable.
In the given case TDS is not applicable.
Sanjay Kumar
(Querist)
22 June 2012
rent for the year 720000/-
23 June 2012
TDS is required to be deducted by an individual or HUF if the turnover of the individual or HUF exceeded the amount specified u/s 44AB in the PREVIOUS YEAR.
In case of trading business, the limit is Rs. 60 lakhs.
Since your turnover in the previous year was NIL, you are NOT required to deduct TDS in the current year.
In case of trading business, the limit is Rs. 60 lakhs.
Since your turnover in the previous year was NIL, you are NOT required to deduct TDS in the current year.
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