Dear Sir/Ma'm,
Whether TDS deduction liability for partnership firm starts from date of Establishment of firm or it starts if Turnover is above 1 crore in preceding financial year?
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TDS deduction liability for Partnership Firm
Replies (4)
An individual/HUF is exempted from deducting TDS under section 194A/C/H/I/J, if tax audit was not applicable during the F.Y. immediately preceding the F.Y. in which such income is paid/credited.
Above exception is not applicable for Partnership Firms.
So, if there is any payment which attracts the TDS provisions, then partnership firms has to deduct TDS from the beginning.
TDS starts as soon as any payment is made subject to TDS provisions.
So get TAN number immediately and keep ready.
So get TAN number immediately and keep ready.
80C should be shown in
if Trunover of Partnership firm is below 2 cr is TDS is applicable on payment
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