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Even those not audited must deduct TDS if total payment exceeds Rs 50 lakh

The liability to deduct tax gets triggered when the amount paid to a resident, or even the aggregate of such amounts, exceeds Rs 50 lakh

TDS
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Bindisha Sarang
The Ministry of Finance recently notified Form 26QD for TDS (tax deducted at source) return and Form 16D for TDS certificate under Sections 194M and 194N of the Income-Tax (I-T) Act. Budget 2019 had introduced two new Sections — 194M and 194N — for the purpose of TDS that became applicable from September 1, 2019. However, there was no clarity on the procedure for complying with these Sections. The Ministry of Finance has dealt with this issue through a notification dated November 18, 2019.

Earlier, only individuals and Hindu Undivided Families (HUFs) subject to tax audit were required to deduct

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First Published: Nov 28 2019 | 8:18 PM IST

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