Tds on rent for proprietor
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 August 2013
A proprietor had a turnover of 30 Lacs in F.Y. 2012-13. This year i.e. F.Y. 2013-14 he is expecting his turnover to reach 1 crore. Till date i.e. April 2013 to aug 2013 his turnover is 42 lacs.
He pays rent of Rs 50,000 p.m. to a company.
Now,
1)Is he liable to deduct TDS on rent, NOW?
2)If not now then should he deduct TDS
i) from the month (say January) when is turnover reaches 1 crore (as he become applicable for TAX audit), OR
ii) From Next Financial year after his turnover reaches 1 crore i.e. from April 2014 and onwards.???
He pays rent of Rs 50,000 p.m. to a company.
Now,
1)Is he liable to deduct TDS on rent, NOW?
2)If not now then should he deduct TDS
i) from the month (say January) when is turnover reaches 1 crore (as he become applicable for TAX audit), OR
ii) From Next Financial year after his turnover reaches 1 crore i.e. from April 2014 and onwards.???
29 August 2013
1. TDS is required to be deducted by an individual if he was liable to tax audit in the PREVIOUS FINANCIAL YEAR.
Since in the FY 2012-13 he was NOT liable to tax audit, he is NOT required to deduct TDS in the year 2013-14 even if his receipts exceed Rs. 1 crore.
2. In case his receipts exceed Rs. 1 crore in the year 13-14 then he is required to deduct TDS in the year 2014-15.
Since in the FY 2012-13 he was NOT liable to tax audit, he is NOT required to deduct TDS in the year 2013-14 even if his receipts exceed Rs. 1 crore.
2. In case his receipts exceed Rs. 1 crore in the year 13-14 then he is required to deduct TDS in the year 2014-15.
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 September 2013
Thank You for sharing your knowledge.
11 October 2013
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