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Liable to deduct tds
if a partnership firm having professional receipts less than 50 lac but get audited u/s 44AB(d) should he take tan no. will he be liable to deduct tds
Replies (7)
Quick Summary
TDS applicable only if turnover exceeds 1 crore
But this is partnership firm not ind. or HUF
Yes, turnover 1 Crore applicable to Individual HUF , so TAN is required for partnership firm.
Apply in form 49B for TAN , and wait for other reply also .
Form partnership also TDS required only after 1 crore
Turnover limits for liability to deduct TDS is applicable only to individuals and hufs
Agreed with ramakrishnan sir , TDS limit applicable to individual or HUF not for partnership.
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