Tds on individual
This query is : Resolved
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/-?
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- BIS Certificates
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
