Whether liable or not to deduct tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2016 Dear sir/madam,
I(Individual) have paid Rs. 7 Lacs rent to owner of cold storage. i am liable to audit u/s 44AB(d) i.e. Profit & Gain Lower than deemed profit u/s 44AD...then What m i liable to Deduct TDS?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

29 September 2016 the limit is that of turnover or gross receipts and NOT that of audit.....
read section 194 I
http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
So? For individual, paying rent above the prescribed limit u/s 194 I AND having turnover less than the prescrbed limit i..e. 1 crore, TDS need not be done