In A.Y. 2011-12, an assessee shows net profit of less than 8% of the gross receipts. So is he liable to deduct TDS on commission paid?
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 19 June 2011
YES IF IN THE PREVIOUS YEAR HIS ACCOUNTS WERE AUDITED
Shamita
(Learner)
(410 Points)
Replied 19 June 2011
The turnover is about Rs. 40 lacs and the net profit is below 8%. So the accounts will be audited for the 1st time. But TDS has not been deducted on commission paid. What the remedy now?
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