Tds deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 March 2015 Dear all
i have given Rs. 50000 on 16/4/2014 for professional service but in February 2015 i have obtain TAN no. and now i am going to given RS. 50000 again to the same party. please tell me should i deduct 10% TDS if yes on how much amount whether on 50000 or on 100000

please guide me..

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 March 2015 If deductor is Individual or HUF then liability to deduct TDS arise only if the file was subject to Tax Audit u/s 44AB during the previous Financial Year.

TDS to be deducted on Rs 100000/-.

Querist : Anonymous

Querist : Anonymous (Querist)

24 March 2015 DEAR SIR
I AM ENGAGED IN NON REGISTERED PARTNERSHIP FIRM. BUT IN FY 2013-14 MY BOOKS WAS NOT AUDITED BUT IN FEBRUARY 2015 I HAVE OBTAIN TAN NO. BUT IF I DEDUCT 10% TDS ON 100000. WILL I HAVE PAY 12% PA INTEREST ON 50000 WHICH WAS PAID ON 16//4/2014, BUT THE QUESTION IS ALSO BEING ARISE HEAR HOW COULD I DEDUCT TDS ON FIRST TRANSACTION ON 16/4/2014 OF RS. 50000 WHEN I HAVE NO TAN. NO.
PLEASE CLARIFY

Rupesh Jain

Rupesh Jain (Expert)
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24 March 2015 for tds deduction turnover is not a matter due to partnership firm & company responsible after the incorporation.

you have to pay intt on tds amount.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 March 2015 TDS is required to be deducted by Partnership Firm irrespective of the Tax Audit applicability. So there is not other way, you will have to pay interest on late deduction of TDS. Not having a TAN is no excuse. You should have applied for TAN in time.

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