A Proprietor has turnover more than 10 crore in FY 2019-2020. Then he tds and tcs deducted and collected . Now his turnover is less than 10 crore in Fy-2020-2021. In this year if he need to deduct or collect tds and tcs and fille return of tds and tcs need to file .
Menu
TDS AND TCS RETURN FILLING
Replies (6)
No , if turnover in preceding financial year is less than 10 crore then no need to deduct TDS.
No TDS u/s 194Q is required to be deducted or TCS u/s 206C(1H) is required to be collected in FY 2021-22 because the turnover was less than Rs. 10 Crores in the FY 2020-21
Read section 44AB and Tds section
Assessee is liable to deduct tds whn his turnover is more than 1 cr
it is compulsory required to deduct tds otherwise he is considered as assessee in default except some conditions fulfill.
Assessee is liable to deduct tds whn his turnover is more than 1 cr
it is compulsory required to deduct tds otherwise he is considered as assessee in default except some conditions fulfill.
Here the querist is talking about TDS or TCS on the sale of goods u/s 194Q or 206C(1H) respectively which is evident from the turnover mentioned in the 1st line of the query.
Yes tds return has to be mandatory filed.
In case of TDS or TCS on the sale of goods u/s 194Q or 206C(1H), threshold of turnover is 10 crores
Recent Threads
- How to learn about a deceased family member's inve
- Has Anyone Tried Study4Exam for Exin Certified Dat
- Query about cash withdrawals and tax/ITR filing im
- TDS on partners remuneration u/s 194 T
- Income Tax Financial Year 2025-26
- GST Rate RCM
- AI in ERP and System Audits - Why Auditors Should
- Can updated return be filed having salary income a
- Save LTGC on land sale
- Property given on rent- ITC
Related Threads
CAclubindia
