Hi,
What to do if an employee insists of TDS deduction, if the company having no TAN and not liable for auditing
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TDS deduction for conract work
Replies (5)
As per the income tax Act, It is mandatory for any employer (regardless of status) to deduct tax at source if the taxable salary is more than the basic exemption limit. There is no limit about the number of employee. The provision is applicable even if there is only 1 employee.
You are most likely to receive a notice from the TDS Cell if you fail to comply with the same.
You should apply for TAN.
But this is a proprietary firm and turnover is below 1 Cr. So should I require TAN?
Yes, You should apply for TAN. If you are making payment more than exemption limit then you are liable to deduct TDS as per rules. It is not based on turnover.
Sir, a person has dead which had a joint account with his wife. Now all money transferred into his wife bank account. will tax applicable on this amount his wife
and next question - is need of surrender of his PAN Card ?
No, Tax will not applicable to wife. As per rules surrender of PAN is must after death of the person. But in that case legal heirs of the deceased person have to file all pending ITR & pay tax (if any). After that Legal heirs of deceased person can apply to AO for cancellation of PAN.
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