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Tds U/s 194I

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Ajay (Querist)
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24 September 2017 Sir We have registered a partnership firm in July 2017 and paying rent for amounting Rs 50000/- Pm.... Kindly advise whether we required to deduct tds or not.....

RAJA P M (Expert)
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24 September 2017 No need... If your firm is newly started. When you reach your turn over 1cr then you can deduct TDS on everything... Also you can deduct TDS on next FY (18-19)

Ajay (Querist)
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24 September 2017 Sir But condition of 44AB is for individuals and HUF

RAJA P M (Expert)
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25 September 2017 Yes. You are correct... I'm also wrongly meaning it... Partnership firm can be deduct TDS. You ll deduct TDS on Rent....

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 September 2017 TDS has to be deducted in the above case u/s 194I @ 10%.

Ajay (Querist)
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25 September 2017 Thank you sir

RAJA P M (Expert)
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25 September 2017 You are welcome...

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