TDS ON PROFESSIONAL FEES IN NON AUDIT CASE

TDS 702 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)

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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