A is an individual, he is a director of the company. He is not liablie to audit u/s 44AB.
Now he is started a propritor firm and his turnover crossed the limit which become to Tax audit u/s 44AB. My question is while deducting the TDS from the payment made to various contractors / professionals can he has to deduct the TDS from the contractors / professional fees paid for his personal works or not. TAN Should be in the name of proprietor or firm's name?
NO HE IS NOT REQUIRED TGO DEDUCT TDS FOR PERSONAL WORKS
TDS has to be made only for those expenses that is attributable to business. Also, in case of proprietary business TAN has to be taken in the name of proprietor & not in the name of the firm.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
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CA Final
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