TDS under section 194M

[gvenugopal g]

Sirs,

Good Morning! Have a pleasant and productive weekend!!

Kindly let us know whether TDS under (newly introduced in FY 2019-20 and w.e.f.1st September' 19) section 194M is applicable to a person/entity already having TAN and his/their account is audited under section 44AB?

[KASTURI SETHI]

Respected Querist,

Pl. go through the below website link

https://www.charteredclub.com/tds-on-payment-made-by-individuals/

Everything is clear.

[DR.MARIAPPAN GOVINDARAJAN]

If the person/entity is other than the persons who are liable to deduct tax 194C, 194H and 194J then only he is liable to pay deduct tax under section 194M. You may decided accordingly.

AI Summary

Clarification on TDS under Section 194M: Applies only to entities not covered by Sections 194C, 194H, or 194J. A participant inquired whether TDS under section 194M, introduced in FY 2019-20, applies to entities with a TAN and audited accounts under section 44AB. One respondent directed the inquirer to a website for detailed information, while another clarified that section 194M applies only to entities not already required to deduct tax under sections 194C, 194H, and 194J. The discussion focused on the applicability of the new TDS provisions for specific entities.