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TDS is not to be deducted on personal payment It is applicable only if we are doing business Do all business have to deduct tds? Tds rules are compulsory in case of Company (always) Partnership (always) Propritorship (if last year turnover more than 2 crores 1 crore) However for professionals,turnover limit is 50 lacs instead of 1 crore in last year) Q1 My company takes following property on rent @ 50000 per month In which case i deduct TDS Yes/No Case 1 - I have taken a office on rent Case 2 - I have taken a home on rent Case 3 - I have taken a home on rent for my employees Answer Case 1 - Yes Case 2 - No Case 3 - Yes Q2 I start a new trading business, in first year my turnover is 5 crore. Should i deduct tds if Yes/No I am a company I am a partnership firm I am a proprietorship Answer Case 1 - Yes Case 2 - Yes Case 3 - No Q3 Next year, my turnover is only 70 lacs Should i deduct tds if Yes/No I am a company I am a partnership firm I am a proprietorship Answer Case 1 - Yes Case 2 - Yes Case 3 - Yes Q4 Next to next year,my turnover is 7 crore Should i deduct tds if Yes/No I am a company I am a partnership firm I am a proprietorship Answer Case 1 - Yes Case 2 - Yes Case 3 - No Q5 Proprietorship A newly established ca firm rk and co (proprietor rajesh aggarwal)takes office on rent @ 30000 pm Turnover in first year is 70 lacs. Should it deduct tds ? Answer No

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.