Tds liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2015
we are starting a new partnership firm from 15-Mar-2014
We have paid Professional fees 85000/- on 27-Mar-2014 & paid others small exps.
our turnover upto 31-Mar-2014 is zero.
can we liable to deduct TDS...?
kindly solve the confusion.
We have paid Professional fees 85000/- on 27-Mar-2014 & paid others small exps.
our turnover upto 31-Mar-2014 is zero.
can we liable to deduct TDS...?
kindly solve the confusion.
20 March 2015
yes tds is deductible as firstly its a partnership firm and the threshold limit of rs30,000 is crossed for payment of professional fees u/s 194J and the rule of prev year tax audit applied only to ind or huf only and not to partnership firm.
hence ur liable to deduct tds and also pay tds to department and also file tds retrun and issue tds certificate in form 16A
hence ur liable to deduct tds and also pay tds to department and also file tds retrun and issue tds certificate in form 16A
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