Tds on individual
This query is : Resolved
Nitin M Jichkar
(Querist)
19 March 2016
Hello all please read following case
A Individual who's Turn over from business in FY 2014-15 was 1.25 Cr( Cover under Tax Audit)
During the FY 2014-15 he had mad payment to contractor of Rs. 25,00,000/- but not deducted TDS due to exemption available for first year.
Now in Next FY2015-16 his turnover is 75,00,000/- ( Not cover in Tax Audit )
Now my question is whether such individual is required to deduct TDS if he make the payment to contractor of Rs. 1,25,000/-?
A Individual who's Turn over from business in FY 2014-15 was 1.25 Cr( Cover under Tax Audit)
During the FY 2014-15 he had mad payment to contractor of Rs. 25,00,000/- but not deducted TDS due to exemption available for first year.
Now in Next FY2015-16 his turnover is 75,00,000/- ( Not cover in Tax Audit )
Now my question is whether such individual is required to deduct TDS if he make the payment to contractor of Rs. 1,25,000/-?
Jaymin Sabhaya
(Expert)
19 March 2016
Dear Sir,
the turnover of the current is irrelevant for TDS purpose. hence you are required to deduct TDS in above stated matter.
If you are not covered under tax audit in current year then next year you are not liable to deduct TDS.
the turnover of the current is irrelevant for TDS purpose. hence you are required to deduct TDS in above stated matter.
If you are not covered under tax audit in current year then next year you are not liable to deduct TDS.
Message likes :
1 times
19 March 2016
Since FY 2014-15 is covered under tax audit, income tax has to be deducted at source in FY 2015-16 irrespective of the turnover amount.
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