Hi,
I have a proprietorship firm with annual Turnover of INR 60 Lakhs with 10 employees. Is it mandatory to deduct TDS while paying salary as we donot come under Tax Audit.
Hi,
I have a proprietorship firm with annual Turnover of INR 60 Lakhs with 10 employees. Is it mandatory to deduct TDS while paying salary as we donot come under Tax Audit.
Thank You @ Eswar Reddy. Appreciate your response. Would you be able to mention the section which you are referring?
Also what is the threshold limit, under how much income can I be exempted from deducting tds on salary?
No my question is, I have a proprietorship firm with annual Turnover of INR 60 Lakhs with 10 employees having average salary of INR 7,00,000 Per employee per Year. Is it mandatory to deduct TDS while paying salary as we donot come under Tax Audit.
There are no deductions, 7,00,000 Gross
Can we connect over email to discuss further?
Ok. Thanks.
I was under the impression that TDS deduction is not required on Salary since the firm is not liable for tax audit.
Thanks for the clarification but is it mandatory because some references say it is not due to not eligible for tax audit.
CAclubindia
