TDS - deductor eligibility

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 May 2011 Can everyone deduct TDS in case the limit exceeds the threshold limit or are only those people whose Gross receipts exceed 10 Lacs/40 lacs as the case may be liable to deduct TDS?

CA. Gurdeep Singh Chawla

CA. Gurdeep Singh Chawla (Expert)
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30 May 2011 limit exceeds the threshold limit

CA Shyam Agrawal

CA Shyam Agrawal (Expert)
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30 May 2011 Any one can dedcut TDS. However its mandatory only for those who are covered under 44AB of IT Act along with Co.,Partnership firm. One who dedcuts TDS has to file TDS return and has to issue tds certificate. So why Individual and HUF not covered under audit should dedcut tds.This will increase unnecessary burden& expenses.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 May 2011 The gross receipts criteria referred in the query is applicable only to individual / HUF assessee's / deductor's.

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