Tds by individuals under tax audit
This query is : Resolved
17 November 2014
My client is an individual having business or professional income exceeding 1 crore and his income assessed under tax audit. He is liable to deduct tds on all his payments attracting tds. He is renovating his personal House property ( self occpied ) as well as HP that is let out for rent. Is he liable to deduct tds on these contract payments? OR he has to deduct only for his business related expenses?
17 November 2014
He has to deduct tds on the expenditures which are specifically incurred for the purpose of business only........
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17 November 2014
Since your client is liable for Tax Audit, he is responsible for deduction of TDS from out of all payments done by him on behalf of business,.If he is running proprietorship business and using his House property in business then he has to deduct TDS out of payment made to contractors. Regrads'
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