Whether liable or not to deduct tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 September 2016
Dear sir/madam,
I(Individual) have paid Rs. 7 Lacs rent to owner of cold storage. i am liable to audit u/s 44AB(d) i.e. Profit & Gain Lower than deemed profit u/s 44AD...then What m i liable to Deduct TDS?
I(Individual) have paid Rs. 7 Lacs rent to owner of cold storage. i am liable to audit u/s 44AB(d) i.e. Profit & Gain Lower than deemed profit u/s 44AD...then What m i liable to Deduct TDS?
Amol S Joglekar
(Expert)
29 September 2016
the limit is that of turnover or gross receipts and NOT that of audit.....
read section 194 I
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
So? For individual, paying rent above the prescribed limit u/s 194 I AND having turnover less than the prescrbed limit i..e. 1 crore, TDS need not be done
read section 194 I
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
So? For individual, paying rent above the prescribed limit u/s 194 I AND having turnover less than the prescrbed limit i..e. 1 crore, TDS need not be done
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