06 October 2014
Hello Experts, An individual assessee having constuction contracts has not deducted TDS on the subcontract expenses as for last 2 years his receipts had not crossed 1 crore. (He was Audited in FY 10-11)
06 October 2014
no. it is not required. For TDS deduction to be made applicable to an individual it is required that he should have been audited in the year preceding to the financial year in which payments were made. So if the payment is made in 2013-14, the tax audit should have been applicable under clause (a) or (b) of 44AB in FY 2012-13 (AY 2013-14)