TDS applicability for Proprietorship firm or HUF

Is TDS applicable for Proprietorship firm or HUF?

An individual or HUF has been made liable to make TDS only if his or its total sales, gross receipts or turnover from the business or profession carried on by him during the immediately preceding year (Previous Year) exceed the monitory limit specified under clause (a) or clause (b) of section 44AB for the financial year in which such payment is made.

 

For the financial year 2013-14, the liability to deduct TDS is arise if individual (Proprietorship) or HUF total sales or gross receipts exceeds the limit of Rs 1,00,00,000 (One Crore) or Rs 25,00,000 (Twenty five lakhs) in the previous year 2012-13.

 

 

Accordingly, an individual having turnover of Rs.59,00,000 (fifty nine lakhs) during FY 2011-12 would not be liable for making any TDS, during the FY 2012-13.