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IS THERE IS ANY EXUMTION FOR THE NEW CONCER TO NOT THE
DEDUCT TDS IN THE 1st YEAR OF ITS INCORPORATION IF THE
TURNVOER EXEED THE SPECIFIED LIMIT IN THE 1st YEAR.
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Answer / Vijay Shankar Mishra
Yes, there is an exemption for new concerns in the first year of incorporation from deducting TDS if the turnover exceeds the specified limit. According to the Income Tax Act, a company is not required to deduct TDS during the first financial year if its total sales, gross receipts, or turnover from all sources does not cross the specified threshold (currently INR 10 lakhs). However, it's always best to consult a tax professional for specific advice related to your situation.
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