Please advice me when an individual or a proprietor is required to start deducting tax at source towards payments like job charges etc. as far as F.Y 2012-13 is concerned ( Current Year )
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Tds obligation
Replies (2)
in case of an individual the liability of TDS arises from teh current eyar, if the individual was subject to Ta Audit u/s 44AB in the previous year. For determing the obligation for TDS for F.Y. 2012-13 the individual shud be liable for tax audit in F.Y. 2011-12. after that in F.Y. 2012-13 he is required to obtain an Tax Deduction Account Number and then start deducting tax at source.
HI,
An individual/huf has got limit of 60,00,000/- turnover. Once, you cross the limit you have to get the TAN. Thereafter, when those services crosses the threshold limit, you should charge on their total bill. To know the threshold limit follow the link https://gsoftnet.blogspot.in/2012/12/latest-section-wise-tds-rates-and.html
regards,
jafer
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