Applicability of tds under audit for being np bolw 8%

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2015 Dear experts
i am engaged in proprietorship firm, in FY 2014-15, the turnover is below 1 crore but my accounts will be audit for being net profit below 8%, my query is :- does i am liable to deduct TDS in FY 2015-16 or not.....

plz confirm....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 September 2015 No, you are not liable to deduct TDS as your turnover is below 1 crore.

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2015 respected sir
i am also paying interest on unsecured loan more than 5000 PA to single person. even in this case no consequences will be in further for not deducting TDS...

plz confirm...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 September 2015 No consequence ...............

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