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TDS ON PROFESSIONAL FEES IN NON AUDIT CASE

TDS 751 views 3 replies

HELLO

Please let me know if TDS is required to be deducted in the following case

  1. Its a proprietorship firm which wasn't under audit in last year. Current year turnover is 3.5cr till now.
  2. Payment is made towards professional fees amounting to Rs. 600000/- 
  3. So is TDS required to be deducted? If yes, we do not have a TAN then how to deposit the same.
Replies (3)
Quick Summary
Query on whether TDS is applicable on professional fees of Rs 6,00,000 in a proprietorship firm not under audit last year but current turnover Rs 3.5 crore. Discussion on whether TDS liability arises in current year and requirement of TAN for depositing TDS under applicable provisions.

Since your current year turnover is ₹3.5 Cr (which exceeds the audit limit), you will be liable to deduct TDS on professional fees in the CURRENT financial year. I recommend you apply for a TAN now to be ready for all compliances.

Perform audit and let us know.

Pay tds .

No, you don't need to cut tds & pay this year, though your firm wasn't in audit , but from next financial year you should cut,pay & fill tds return. So you should apply the tan no. after the end of this f.y..

 


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