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?
30 May 2011
limit exceeds the threshold limit
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.
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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