TDS to be deducted or not???

dear sir/madam,

if an individual is making payment to another individual related to business and amount exceeds threshold limit of professional fees... is TDs deducting mandatory ? if yes, should the person take tan registration. Please confirm on priority.

Regards,
Asha
Replies (3)
Quick Summary
This discussion clarifies when an individual or HUF is required to deduct Tax Deducted at Source (TDS) on payments made to other individuals for business purposes. Generally, TDS deduction and TAN registration are mandatory only if the payer's turnover exceeded 100 lakhs in the previous financial year, or if the individual/HUf is carrying on a business or profession requiring accounts to be audited under Section 44AB.

If turnover of payer exceed 100 lacs last year then option tan and deduct tax. otherwise no tds and no tan.
An individual or an HUF is not liable to deduct TDS except where the individual or HUF is carrying a business or profession where accounts are required to be audited u/s 44ab in the preceding fy
Thank u

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register