Tds compulsory or not
This query is : Resolved
20 March 2013
SIr,
one of the proprietory concern is audit case for the following financial years
2009-10
2010-11
2011-12
but during the financial year 2012-13 is non audit. so tds is applicable (if this concern paid rs.21000/- interest during the fin year 2012-13)
one of the proprietory concern is audit case for the following financial years
2009-10
2010-11
2011-12
but during the financial year 2012-13 is non audit. so tds is applicable (if this concern paid rs.21000/- interest during the fin year 2012-13)
20 March 2013
The Individual/ Proprietary concern is liable to deduct TDS from FY 2010-11 onwards.
22 July 2013
The TDS is deductible only in the cases where there is audit and not otherwise bu the problem in your case is 2009-10 and 2010-11 was in Audit and before close of the year it is not possible to know whether you are in audit or not so you have to assume that it is under audit and accordingly it is better to deduct TDS but if you have not deducted and at the end of the year it is found that it is not in audit then you can avoid it.
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