TDS rules
This query is : Resolved
21 June 2011
As per Income Tax Act, TDS rules is to be followed by an individual, if he comes under audit u/s.44AB. However, TDS rules are not applicable in the first year of audit.
In our client's case, it was a partnership firm and the client was following the TDS rules. Due to removal of a partner, it became a proprietorship firm. The business of the proprietorship concern exceeds Rs.60 Lakhs.
My query is whether the proprietorship concern is
1. liable to deduct TDS
or
2. not liable to deduct TDS as it is first year of business/tax audit of the proprietorship concern
In our client's case, it was a partnership firm and the client was following the TDS rules. Due to removal of a partner, it became a proprietorship firm. The business of the proprietorship concern exceeds Rs.60 Lakhs.
My query is whether the proprietorship concern is
1. liable to deduct TDS
or
2. not liable to deduct TDS as it is first year of business/tax audit of the proprietorship concern
06 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
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
- Income tax return change regime form necessary or not?
- Tax Audit Mandatory or Optional
- Machinery taking back from repair work shop
- Resignation of auditor and appointment and cfss
- EXEMPTION OF LONG TERM GAIN UNDER SECTION 54F
- Refund of Rs.4,00,000/- pursuant to Appeal Order – Deceased Proprietor & Closed Bank Account
- Medical facility
- Maintenance of asset register
- GST Registration DELHI MUMBAI
- Refund credit after 143 (1) intimation
- Format of Physical Letters submitted at ASK ( Aayakar Sampark Kendra)
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
