I want to know if any proprietor firm whose turnover is below 1 crore is liable to deduct tds from interest payments and file tds returns. Also whether any propritor firm whose accounts are audited are liable to file e-TDS returns?
I want to know if any proprietor firm whose turnover is below 1 crore is liable to deduct tds from interest payments and file tds returns. Also whether any propritor firm whose accounts are audited are liable to file e-TDS returns?
For the current year i.e financial year 12-13, your liability to deduct TDS is determined based on the fact whether you where subject to tax audit in the immediately preceding financial year i.e 11-12 ( AY 12-13). So, if in the year 11-12, turnover was more than 60lakhs, you are liable to deduct TDS in the current year. And there is no relevance given for the turnover of the current year with respect to this particular issue of determining liability for making TDS.
Again regarding E-TDS, if the assessee was subject to tax audit (u/s 44AB) in the immediately preceding, he is liable to file an E-TDS return.
Dear Meghraj,
Applicability of TDS under various section of the IT Act, 1961 depends on the a few factors in addition to the amount paid to a person. What Mr. Rao has stated is one of those factors. Therefore, the liability to deduct tax at source is to be determined taking into consideration all the applicable factors as specified in the section.
R P S K & Associates
Nashik
CA Inter
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Shaswat initial support private limited
Ahmedabad
CS
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CAclubindia
