In FY 2017-18 to FY 2019-20 the Sales Turnover is 48 Lacs P.A. approximately in Partnership Firm. There is no tax audit as per Income Tax U / S 44AB, as turnover does not exceed 1 crore. We are paying Rent to other for using of Gala Unit & paying monthly rent Rs.50000/ -without TDS deduction. My query is If there is no tax audit, then TDS is applicable on rent?
25 March 2021
TDS based on monetary limit specified in 44AB is applicable to Individuals and HUF only and not to partnership firm. So Partnership cannot escape from deduction and payment of TDS
CAclubindia
