Tds on professional services

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 October 2012 My client turnover was 55 lac & this fiscal year it has exceeded Rs.1 Crore on 12th october,2012.He has already given payment of Rs.100000/- towards professional fees for consultancy & others without deducting TDS on the same as the turnover was less than Rs.1 crore till 12th October,2012.Now from 12th october,2012 he to pay Rs.20000/- towards professional fees.should he deduct TDS on Rs.20000/- only or Rs.120000/-.

Vikas Gupta

Vikas Gupta (Expert)
Follow

14 October 2012 First of all we need to check weather ur client is individual or company. if company then tds deduct on full Rs.120000 and if individual then check last year. u filled return u/s 44AB or 44AD. If u filled Return u/s 44AB then u need to deduct on full amount of Rs.120000 otherwise no need to deduct TDS but u should apply for TAN Number and deduct TDS from very first day of next financial year irrespective your turnover exceed Rs.1 Crore or Less

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

07 October 2021 For Individuals/HUF, the tds liability arise from next fiscal year.
For others. you need to deduct TDS right from Rs. 1, when the limit exceeds as specified under the section.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now