Tds deduction
This query is : Resolved
23 July 2016
Dear Experts,
A proprietor concern achieve a turnover of Rs. 78 Lacs in F.Y. 2015-16 & 73 Lacs in F.Y. 2014-15 & NP was below 8% in both the years. And accounts of the concern has been audited u/s 44AB (d)
It has paid Rs. 85,000 as Professional charges during F.Y. 2015-16. Should it deduct TDS on payment of Professional Charges.
Please advise.
A proprietor concern achieve a turnover of Rs. 78 Lacs in F.Y. 2015-16 & 73 Lacs in F.Y. 2014-15 & NP was below 8% in both the years. And accounts of the concern has been audited u/s 44AB (d)
It has paid Rs. 85,000 as Professional charges during F.Y. 2015-16. Should it deduct TDS on payment of Professional Charges.
Please advise.
23 July 2016
If a person whose turnover from business carried on by him exceeds the monetary limits specified under clause (a) or (b) of section 44AB during the financial year immediately preceding financial year in which such sum by way of fees for professional is paid, shall be liable to deduct TDS.
However in your case there is no requirement to deduct TDS as turnover was below limit specified.
However in your case there is no requirement to deduct TDS as turnover was below limit specified.
25 July 2016
Since you are coming under purview of tax audit, you are advised to deduct TDS on professional fees.
25 July 2016
Since you are coming under purview of tax audit, you are advised to deduct TDS on professional fees.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
