Tds deduction issue non audited partnership firm
Querist : Anonymous
A partnership firm is not to be audited u/s 44AB, but this firm is going to made the payment of Rs. 1 Lakh to it's contractor. Pls clarify briefly :- since the firm books of accounts is not audited hence No Need to deduct TDS on contract amount of 1 Lakh. Am i right....
Thanks
ASAP
Querist : Anonymous
Can you pls provide the relevant section or clause wherein it is mentioned that firm has to deduct TDS even if tax audit is not conduct
Any person, other than an Individual or HUF, responsible for making payment to a resident contractor or sub-contractor for carrying out any work (including supply of labour) is liable to deduct tax at source under Section 194C.
However, an Individual or HUF who is liable to tax audit during the financial year immediately preceding the financial year in which such sum is credited or paid, shall deduct tax under section 194C.
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