one of my client/proprietorship is a production house which at present is shooting for a television serial.
In PY 12-13 my client was not liable for tax audit but in current year gross receipts will exceed 1 crore/25 lacs.
In the current year they deducted TDS on all the payments made ignoring the fact that in the previous year it was liable for audit.
My question 1. What will be the turnover/gross receipts limit for a production house i.e 1 cr or 25 lacs 2. Is tax deduction of source warranted in the current year ? 3. Should this practice of deduction of TDS to be continued or i should advise the client not to deduct the TDS ?
15 November 2013
TURNOVER LIMIT -1 CRORE. . TDS NOT WARANTTED AS PER THE FACTS. DEPOSIT THE TDS AND FILE THE RETURN ON OR BEFORE THE GIVEN DATE. . CONTINUE THE PROCESS IF STARTED EARLIER. THE PRACTICE WILL MAKE COMPLIANCE AN EASIER TASK. .
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