A proprietor concern achieve a turnover of Rs. 78 Lacs in F.Y. 2015-16 & 73 Lacs in F.Y. 2014-15 & NP was below 8% in both the years. And accounts of the concern has been audited u/s 44AB (d)
It has paid Rs. 85,000 as Professional charges during F.Y. 2015-16. Should it deduct TDS on payment of Professional Charges.
23 July 2016
If a person whose turnover from business carried on by him exceeds the monetary limits specified under clause (a) or (b) of section 44AB during the financial year immediately preceding financial year in which such sum by way of fees for professional is paid, shall be liable to deduct TDS. However in your case there is no requirement to deduct TDS as turnover was below limit specified.
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