Hi,
- Yes it is mandatory for society registered under society registration Act, 1860 to deduct TDS u/s 194C if all other conditions are satisfied.
Thanks
TDS deduction by apartment association registered under Societies Act
We are an apartment association with 107 houses . We have formed an association Twenty years back. We are not deducting TDS from our contractors. This is as per our Auditor a chartered Accountant. But we feel that another opinion would be Beneficial Please reply whether TDS has to be deducted from the contractors and remitted to Income tax within due date. Please reply to my email address Thanks Regards Seshadri R
Asked 6 years ago in Income Tax
Hi Seshadri,
If you are liable to deduct TDS and deposit to the government.
Yes Seshadri, you are laible to deduct TDS, deposit it to the government and file TDS return.
No tax is required to be deducted in the following cases:
Where the sum paid or credited in pursuance of any contract does not exceed Rs. 30,000, or
where the aggregate of the amounts of such sums credited or paid or likely to be credited or paid during the financial year does not exceed Rs. 1,00,000 the person responsible for paying such sums will not deduct TDS under this section
Dear Sir,
Hope you are doing well !
Yes, you are liable to deduct tds and deposit the same with government before due date.
I am assuming you are an association of person so you would be required to deduct TDS on payment made to contractor only if your association is liable for audit if your association is not liable to Audit you are not required to deduct TDS and you have to deduct TDS only if the amount of one bill is in excess of Rs 30000 or the total amount of whole year is in excess of Rs 100000
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback.
Thank you
You are liable to deduct TDS and deposit the same with government before the due date. Hope that clarifies.
Regards,
Nikhil
Hi Seshadri,
Yes, you are liable to deduct tds ,deposit to same to the government and file TDS return.
No tax is required to be deducted in the following cases:
Where the sum paid or credited in pursuance of any contract does not exceed Rs. 30,000, or
where the aggregate of the amounts of such sums credited or paid or likely to be credited or paid during the financial year does not exceed Rs. 1,00,000 the person responsible for paying such sums will not deduct TDS under this section.
HI,
Yes, there is a need to deduct TDS and deposit the same to the tax authorities within the due date otherwise these payments to the contractors shall be disallowed as expense from the profits earned during the year.
Thanks
Damini
Hi
If amount paid or credited does not exceed Rs. 30,000 in a single payment and Rs. 1, 00,000 in aggregate during the financial year ,then you are not liable to deduct TDS.
Hope it helps.
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