I wish to know the provision of TDS deduction in case of Proprietorship business in respect of Turnover of the business which means suppose one has less than 60 Lacs turnover in a financial year and he has no TAN.Is he to apply for TAN as well as making deduction of TDS where as the turnover is less than 60 Lacs.
Please do the needful if any rules is with turnover.
16 December 2010
TDS Deduction is a Statutory liability to an individual (properietor) only if the Turnover exceeds Rs. 60 Lakhs for the previous year not for the current year. So if the TO of AY exceeds Ra. 60 Lakhs TDS liabilty exists otherwise not.
16 December 2010
Thanks to you for this valuable answers. But one more thing I wish to know here is this rules related to turnover also related with salary ( Sec.192).
One thing which let me know about above mentioned related to turnover exemption,where will I get this in our Income tax act or this is related to which section of Income Tax?
CAclubindia
