Hi
I have a question
I have hired a Business Development Consultant before I actually started my ABC LLP.
I have paid him 50000/- without deducting TDS in July. And 45,000/- in September.
Then formed a LLP for the said business in September end. I got my PAN card in December. I have just applied for TAN yesterday on 18th December.
Now,the consultant is asking for 50,000/- more.
Should I deduct TDS on (50,000+45,000+50,000) at 10% and pay him?
As per what I understand, without having TAN number, how can I deduct TDS...
And even if I deduct it, will I receive my TAN number before 6th of January to pay TDS?
I have been told that these (50,000+45,000) that I gave him from my personal account towards business development will be claimable as preincorporation expense.
Is that true, please comment on that also....
What should I do?