Don’t miss to comply with important Change in TDS provisions applicable effective from 1-4-2020

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  • Effective from 1-4-2020, all individuals and HUFs will be required to deduct TDS in case turnover had crossed Rs.1 cr. during the financial year 2019-20 in case of business and Rs.50 lakh in case of profession. Previously TDS was required to be deducted only if accounts were subject to audit u/s.44AB.
  • TDS required to be deducted for the payments made under following heads

Section

Nature of Payment

194 A

Interest other than interest on securities

194 C

Payment to contractors & sub-contractors

194 H

Payment of commission/ brokerage

194 I

Payment of Rent

194 J

Payment of professional fees

  • All proprietorship firms declaring profit under presumptive taxation scheme and not subjected to audit during previous year need to check whether they are required to deduct TDS as per amendment

Disclaimer:

The purpose of this blog is for education purpose and should not be construed as professional advice. Views expressed herein are the personal views of the author. Government or judicial authorities may or may not subscribe to the views expressed herein. Author of the blog is not liable for any implications arising out of actions taken based on the views expressed herein.

 

 

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