TDS Deduction

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Raghav (Querist)
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16 December 2010 Hi All,

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.

Thanks & Regards,
Raghav

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 December 2010 If turnover less than 60 lacs, no need to apply for TAN and deduct TDS.

Say if Turnover crosses 60Lacs if Fy 2010-11 you will be liable to deduct TDS from Fy 2011-12.

CA Manikandan.A.V

CA Manikandan.A.V (Expert)
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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.

Raghav

Raghav (Querist)
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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).

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 December 2010 Yes.

Raghav

Raghav (Querist)
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16 December 2010 Respected Sir,

Many many thanks to you.

Raghav

Raghav (Querist)
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03 January 2011 Respected Sir,

"Happy New Year 2011 to all of you"

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?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 January 2011 Happy New Year to you too.

Sec of Deduction itself provides this....Like Sec 194A, 194H, 194I etc

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