Tds deducted or not

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2014 Dear All,

I have proprietor ship firm and gross turn over for financial year 2013-14 not exceed rs 1 crore , i have made payment to contractor and consignee agent.

my query is that i am responsible for tax deduction or not

Sandeep Dharar

Sandeep Dharar (Expert)
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15 May 2014 Look dear the limit of Rs 1crore is for tax audit n not for TDS. For TDS u must note that whether the payment made by u to the contractor exceeds Rs. 30k in a single bill or Rs 75K in agreegate. if the conditions r satisfied then TDS is attracted u/s 194C.

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Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2014 Thanks for reply

buti have read that when your account are not audit able than you are not deduct tds

Sandeep Dharar

Sandeep Dharar (Expert)
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15 May 2014 No this is not the case. TDS is applicable if it crosses the limit mentioned under different sections. Whether ur turnover is 200 cores or only Rs. 200.

Well u r welcome

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CA Jitender Sharma

CA Jitender Sharma (Expert)
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15 May 2014 An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits of Sec.44AB during the preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J.

subject to such payment is made for exclusively for personal purpose.

hence you need to deduct tds as not for personal purpose

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