TDS

SUBHASH SHARMA (Querist) 16 August 2009 This query is : Resolved
DEAR SIR,

IS TDS APPLICABLE ON PROPRITORSHIP FIRM , IS THERE ANY LIMIT TO DEDUCT TDS LIKE SALE SHOULD CROSS 40 LACS ETC.

THAKNS/REGARDS

SUBHASH SHARMA
ADVOCATE

Follow Query

Report Abuse

A V Vishal (Expert) 16 August 2009
Yes the provisions of TDS are applicable to Individuals and propritary firms who is carrying on business and his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year; or carrying on profession and his gross receipts in profession exceed ten lakh rupees in any previous year;need to deduct TDS and deposit tax.