Dear Friends,
One of my cleint is proprietor company in Film Production. I want to know for below questions:-
1. Is audited balance sheet complosary for a Proprietor company?
2. Can a proprietor compnay deduct TDS on Services?
3. What will happens if they will not deduct TDS?
Please confirm
1. "Is audited balance sheet complosary for a Proprietor company?"- Yes if Turnover exceeds 1 crore.
2. "Can a proprietor compnay deduct TDS on Services?"- Yes but for that you must have TAN.
3. "What will happens if they will not deduct TDS?" - IF YOU EXCEEDS PRESCRIBED LIMIT WHILE PAYING UNDER ANY OF THE CATEGORY THEN YOU ARE COMPELLED TO DEDUCT TDS.
Dear Parva,
Thanks for reply.
Please confirm for Audited Balance sheet, as turnover is less of one crore.
CAclubindia
