Tds turnover limit
Yasir (article assistant ) (437 Points)
26 April 2023
what is turnover limit for partnership firm for TDS deduction for the financial year 2023-24
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160860 Points)
Replied 26 April 2023
TDS provision applies to partnership firm whether covered under 44AB audit or not.
Limit is based on TDS section not over turnover of the firm.
Yasir
(article assistant )
(437 Points)
Replied 26 April 2023
in case of newly set up firm tds will be deducted from beginning the firm for making payment to contractors professionals and employees
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160860 Points)
Replied 26 April 2023
Yes, liable for TDS deductions on all such payments, if amount exceeds the specified limits as per the sections.
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