Tds for companies

TDS 345 views 5 replies
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Chartered Accountant
42 Points Joined February 2010

Hi guys,

My company is a private limited company, it has only house property income since past 2 years. And the income is below 1 Crore. But we are paying prof fees to chartered accountants, other professionals.

I have 2 Questions. -

1) Is the company liable for Audit under Income Tax Act'1961.

2) Whether we have deduct TDS on Payments made to Professionals

 

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On 23 July 2015 at 13:16 Report
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CMA
13117 Points Joined May 2009
  1. If the turnover/gross receipts does not exceed Rs.1 crore limit, then there is no need for tax audit u/s 44AB
  2. Option of non-deduction of TDS (for assessees who r not liable to audit u/s 44AB) is available only in case of individuals/HUF. Thus, u need to deduct TDS on professional charges on exceeding the threshold limit.
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On 23 July 2015 at 13:41
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Chartered Accountant
42 Points Joined February 2010

Thanx for your reply.

Do we have to deduct TDS even though there is NIL turnover. 

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On 23 July 2015 at 13:53
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CMA
13117 Points Joined May 2009

Yes....as there is no such exemption given to companies...

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On 23 July 2015 at 13:54
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AM
216 Points Joined September 2014
1 No exemption available for TDS. 2 Audit not required U/s 44AB but CA certification is required if your Net Profit is below 8% of turnover.
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On 23 July 2015 at 14:05
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student
31 Points Joined February 2012
Hi friend TDs only if exceeds 30000 at a time or 75000 per annum for professional charges.
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On 23 July 2015 at 15:57


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