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Tds on contractor.

This query is : Resolved 

Sir .we are newly individual firm and last year there is a salaried income and in the current f.y till July our turnover has crossed 11crore .will I be liable for deduction of tds on the service bill .but our previous turnover is nil and not liable for any tax audit.


No need to deduct TDS, as your turnover in previous financial year is below 1 crore

No need to deduct TDS

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