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TDS Under Section 194 M

soumya d prabhu (ernakulam) (73 Points)

30 December 2019

is TDS under section 194M applicable on payment by an Individual Who is liable to tax audit and Who makes payment for professional fee for personal purpose and amount exceeds Rs 50.lakhs

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3 Replies

CA Raushan Kumar Ray (Practicing) (8 Points)
Replied 31 December 2019

You have made the query very clear. As you are saying the assess is liable for Tax audit and hence this section is not applies to them. Sec 194 M clearly says it's applies for those whose accounts are not audited and who is making payment above 50 lakes.

Please Note when the accounts are audited the TDS has to be deducted under Sec 194C or 194J.

Let's know if any doubt. Thank You.

soumya d prabhu (ernakulam) (73 Points)
Replied 31 December 2019

Thank u for the reply

Actually my query is - since section 194J is not applicable in case of an assesse paying professional fee for personal purposes, in that case does the Section 194 M attracts?