As Per Provisions of IT Act, Individual/HUF who are covered under tax audit, will deduct tax at source on all specified payments. And Persons other than individuals and HUF, will deduct tax at source on all specified payments.
Now Actual Query is..
(i) Does a non-auditable partnership firm/company has to deduct tds ?
(ii) Does an individual has to deduct tds on purchase of immovable property even if he is not covered under tax audit ?
Menu
Who are liable to deduct Tds ?
Replies (6)
i) Yes a Partnership firm being other than Individual and HUF, even if not liable for Audit under Income Tax Act,1961 will be liable for deduction of TDS under relevant sections.
ii) Yes even if an Individual is not liable for Audit under Income Tax Act,1961 still would be liable for deduction of Tax at source on purchase of Immovable property if the consideration for the same exceeds Rs. 50 Lakh u/s 194 IA of the Income Tax Act,1961.
Thank you.
Agree with Kalpesh
TDS PROVISION ARE APPLIED TO ALL COMPANIES WHETEHR IT IS UNDER TAX AUDIT LIMIT OR NOT.
Thanks Everyone !
In which of the following years will the Individual be liabile to deduct TDS
2015-16 - Tax Audit applicable
2016-17 - Tax Auidt not applicable
2017-18 - Tax Audit Applicable.
Thanks !!
Somebody please mention the exact section where it is specified, "Who is liable to deduct tds". I need the exact section and provision number
Which Provision of IT Act in particular??
Recent Topic
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
Related Topics
CAclubindia
