If a partnership firm is not under tax Audit (Sec 44AB) is it required to deduct TDS on Contract Payments ?
urvi jitendra bhavsar
(CA Final Student)
(116 Points)
Replied 27 July 2011
There is no connection for deduction of TDS with Tax Audit.
If the limit specified for TDS on contarct exceeds {which is Rs. 20,000(50,000 in a year) upto 30.6.2010 and Rs. 30,000 (75,000 in a year)} then it is necessary to deduct.
urvi jitendra bhavsar
(CA Final Student)
(116 Points)
Replied 27 July 2011
Excuse me, Pahuja
Jitendra is my father's name.........Mu name is Urvi & I m a female........
Think before u write........................
CA Sowmya Kamath
(Chartered Accountant)
(239 Points)
Replied 27 July 2011
| Originally posted by : urvi jitendra bhavsar | ||
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There is no connection for deduction of TDS with Tax Audit. If the limit specified for TDS on contarct exceeds {which is20,000(50,000 in a year) upto 30.6.2010 and30,000 (75,000 in a year)} then it is necessary to deduct. |
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CA Abhiram Bharat.
(Assistant Manager Taxation)
(508 Points)
Replied 27 July 2011
undoubtedly, there is a connection between tds deduction & tax audit..but this is applicable for individuals,HUF, AOP,BOI..not for firms.. hence, in the said case, TDS is deductible if the sum exceeds the threshold.
Regards-
Abhiram
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 27 July 2011
| Originally posted by : CA Abhiram Bharat. | ||
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undoubtedly, there is a connection between tds deduction & tax audit..but this is applicable for individuals,HUF, AOP,BOI..not for firms.. hence, in the said case, TDS is deductible if the sum exceeds the threshold. Regards- Abhiram |
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ankur bansal (CA Final)
(student)
(124 Points)
Replied 27 July 2011
Tanvi
(Practising CA)
(223 Points)
Replied 27 July 2011
Agreed....
"undoubtedly, there is a connection between tds deduction & tax audit..but this is applicable for individuals,HUF, AOP,BOI..not for firms.. hence, in the said case, TDS is deductible if the sum exceeds the threshold."
Regards-
Abhiram
pahuja
(C.A Final Student )
(472 Points)
Replied 28 July 2011
sandeepverma
(don't make exuse for study)
(304 Points)
Replied 28 July 2011
there is no link between tax audit and TDS deduction TDS will be deduct on all applicable trancation in case of contract basic condition is your all business with firm is exceed 70000.00 and a single bill more than 30000.00 TDS will be deduct on contact issue
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