Kumar (Accountant) (224 Points)
11 April 2009I had recently started proprietorship concern. I have to pay monthly rent (above 1,20,000) for the office & paid to contractor (above 20,000) for wooden work. Please tell me that this is right to deduct the TDS from the payment. I have TAN No. with my Individual name. Please guide me. [Thanks in Advance]
Sachin
(Chartered Accountant)
(419 Points)
Replied 11 April 2009
Dear Kumar,
First of all congratulation for starting a new business. you are not liable to deduct TDS. Please write me any query related to taxation my email id is sachinagarwalcallb @ gmail.com
Pavan Jain S
(Chartered Accountant)
(1575 Points)
Replied 11 April 2009
Since your gross receipts or turnover did not exceed the limit specified u/s 44AB in preceding FY, you are not liable to deduct TDS
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