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Tds deducted 1st time

Others 572 views 8 replies
when one Co. deducted tds for 1st time after exceed the threshold limit is it mandatory to inform deductee (Co.) then deducted the tds?
Replies (8)

There is no statutory requirement for doing the same. However, it would be a good business practice if you have limited number of deductee

Is it mandatory to inform deductee (Co.) then deducted the tds?

- No such provisions. If exceeding the said limit then Can be deduct TDS applicable section...

But, It's better to inform to the Deductee based on Business relationship...
Whenever TDS provisions become applicable , TDS must be deducted.

You did a very right thing.

As a matter of fact you will be required to give TDS certificate to each deductee for each deduction (post payment of TDS deduction to the bank in prescribed challan and then TDS return)

For a businessman , TDS is widely popular and it is self explanatory when payment is received by the deductee.

There is no harm in informing to deductee.
@ subhbharati
1. tds deducted will be reflected in the payment sheet which is accompanied with the cheque to the deductee.
2. seperate intimation is not required.
3. tds certificate is given after the end of each quarter.

not at all 

@ Naveen
you do do not hv working experience...
always..

The mandate is to deduct tax; no prior intimation to the deductee is necessary. After all, you'll have to issue the certificates quarterly, which itself is the intimation.

Watch this https://youtu.be/gzJJ_7QNKPY


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