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.
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Regarding tds
Replies (3)
TDS provisions attracts to a proprietor ship firm in the year which is following by a TAX AUDIT year.
suppose you are covered u/s 44AB IN f/y 2009-10 then in 2010-11 you have to apply for TAN nd tds provisions come under purview...
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
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----
All you want to know about TDS
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