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Tds for partnership firm
whether it is mandatory to deduct tds on rent if rent is more than 2,40,000 in a year if turnover is below 1 cr and tax audit not applicable ?
Replies (5)
yes. TDS is applicable in such case. If the rent exceeds Rs 2.4 Lakhs, there is no exemption from TDS deduction for firms regardless of wether audit is applicable or not.
If turnover income is declared under sec 44Ad also mandatory
YES, TDS should be deducted in the case of Firm if amount cross threshold limit
see, if you are opting for presumptive taxation, then there cannot be any disallowance for expenses if TDS has not been deducted. However, there is no specific exemption from compliance with TDS provisions. So keep that in mind.
Ok thank you sir for your advice 😃
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