Hi
In a properietor ship business there is any need to take the TAN no. and deduct the tds. or there is any criteria to apply for TAN
Please let me know there is rule under IT Act.
CA. ANKUR JAIN
(CA.....)
(2800 Points)
Replied 28 April 2011
Devendra
(Chartered Accountant)
(4780 Points)
Replied 28 April 2011
IF THE BUSINESS TURNOVER GOES ABOVE RS. 60 LACS, THEN TAX AUDIT IS COMPULSORY AND ALSO IT IS COMPULSORY TO DEDUCT TDS.
THUS YOU WILL HAVE TO APPLY FOR TAN, IF YOU ARE LIABLE TO TAX AUDIT U/S 44AB.
REGARDS,
DEVENDRA
CMA. CS. Sanjay Gupta
("PROUD TO BE AN INDIAN")
(114230 Points)
Replied 28 April 2011
Correct Reply by Both Ankur and Devendra....
Remember once Tax Audit is applicable in respect of one previous year from next previous year you are liable to deduct TDS under the Income Tax Provisions.
For Details see below article----
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