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Tds exemption for llp
Hi Guys,
I have an LLP providing services to another LLP. My question was - when i raise an invoice to the said LLP from my firm, are they liable to deduct TDS for the payments made to me?
I am novice with tax related matters so any help here would be greatly appreciated.
Does it also mean that when I make payments, I have to deduct TDS from each payment.
Please note that I am in the 1st year oif existence
Replies (1)
It depends on nature of transaction. Do you provide consultancy services to other LLP (in this case)? If yes, whoever pays you deducts tax at source @ 10% u/s 194J (if consultancy). Similary when you make payment for certain transactions (like rent, contract etc) you need to deduct tax at source at different rates. Your question is not specific to answer to the point.
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