TDS on Job Work in case of Prop. concern
This query is : Resolved
Rakesh Sharma
(Querist)
22 May 2023
Respected Experts,
We are manufacturer Prop. concern and started business in f.y. 2021-22 with turnover around 15.50 Lacs. But in f.y. 2022-23, we have achieved a turnover around 2.54 Cr. Also we get done Job work from a vendor around 1.50 Lacs in F.Y. 2022-23. Should we deduct Tax on Job Work charges or we are exempt to deduct tax as our previous year turnover is below Tax Audit.
Kindly advise.
We are manufacturer Prop. concern and started business in f.y. 2021-22 with turnover around 15.50 Lacs. But in f.y. 2022-23, we have achieved a turnover around 2.54 Cr. Also we get done Job work from a vendor around 1.50 Lacs in F.Y. 2022-23. Should we deduct Tax on Job Work charges or we are exempt to deduct tax as our previous year turnover is below Tax Audit.
Kindly advise.
22 May 2023
Correct, no need to deduct TDS in FY 2022-23. TDS liability starts from FY 2023-24.
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