TDS ON CONTRACT

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GANESH NIVRUTTI NIGHUT (Querist)
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27 August 2010 THE ASSESSEE IS A CONSULTANT(ARCHITECTURE)WHOSE ACCOUNT IS AUDITED SINCE LAST 3 YEARS U/S.44AB. DURING THE F.Y. 2009-10, THE ASSESSEE(PROPRIETOR)SPENT AMOUNTING OF RS.15 LAKH FOR RENOVATION OF HIS HOUSE & PAYMENT MADE THROUGH BUSINESS BANK ACCOUNT AND THE SAME AMOUNT DEBITED TO PROPRIETOR CAPITAL A/C(NOT CLAIMED AS BUSINESS EXP.).
IN THE ABOVE CIRCUMSTANCE LET ME KNOW WHETHER THE TRANSACTION IS LIABLE FOR TDS U/S.194C.

chetan soni

chetan soni (Expert)
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27 August 2010 No, Provisions of TDS is not applicable. As this is not debited to Profit & loss account hence the non applicability of tds provisions does not make the effect on calculations of taxable income.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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27 August 2010 Since it is not business nature expenses and also debited in Properiter account only. so Sec.194C will not applicable in this case

GANESH NIVRUTTI NIGHUT

GANESH NIVRUTTI NIGHUT (Querist)
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30 August 2010 thanks

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