Tds on rent
This query is : Resolved
vishal korade
(Querist)
19 November 2013
if an propritor carrying business, having turn over up to 35 lac per annum,in case he is paying rent rs.17000 per month and tax audit is not applicable to him, do he need to deduct tds on rent@10% ?
SANTOSH SAGAR K
(Expert)
19 November 2013
Only individuals liable to tax audit u/s 44AB are liable to deduct TDS.
IN your case, as the turnover is less than the prescribed limit of 1 crore, there is NO liability for TDS.
However, please note that in case the proprietor has any other Business, then the turnover of all such businesses must me considered to determine the applicability of tax audit.
IN your case, as the turnover is less than the prescribed limit of 1 crore, there is NO liability for TDS.
However, please note that in case the proprietor has any other Business, then the turnover of all such businesses must me considered to determine the applicability of tax audit.
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