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TDS APPLICABLITY
Whether New Proprietorship firm required to deduct tds?
Replies (2)
TDS is required to be deducted as per Income Tax act Limits and Rates specified regardless of who you are. If it is crossing the limits specified you have to deduct and deposit in Govt Account. Check TDS rates and applicability in your case and apply for TAN Registration if applicable in your case. There are lot of panel clauses for Non deduction, negligence, errors in deduction of requisite TDS as per Income Tax Act.
I think in case of propship tds is applicable only when its subject to aidit u/s 44AB but since this is new firm tds provision will not be applicable in first year
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