Tds deduction

378 views 7 replies
Our Client's is having proprietor ship business & his budgeted income during f.y. 16-17 is Rs 150 Lakhs, so can we deduct TDS on Expense, because previous F.Y. 2015-2016, we are liable for TAX AUDIT. But F.Y. 2016-2017 our budgeted income is Rs 150 Lakhs & for fy 16-17 Tax Audit will not applied, Tax Audit limit increase to 200 lakhs. so can we deduct TDS on expense for fy 16-17
Replies (7)

Tax Audit limit has been increased when profits are taxed under presumptive method

Yes. you will have to deduct tds on expensed beacause the tax audit applicability has to seen in the previous financial year.In previous year tax audit was applicable said by you. So tds will be deducted on expenses

 

 

Yes. you will have to deduct tds on expensed beacause the tax audit applicability has to seen in the previous financial year.In previous year tax audit was applicable said by you. So tds will be deducted on expenses

 

 

Yes. you will have to deduct tds on expensed beacause the tax audit applicability has to seen in the previous financial year.In previous year tax audit was applicable said by you. So tds will be deducted on expenses

 

 

Yes. you will have to deduct tds on expensed beacause the tax audit applicability has to seen in the previous financial year.In previous year tax audit was applicable said by you. So tds will be deducted on expenses

 

 

When the individual or huf - whose total sales or gross receipts from business exceeds the monetary limits specified in s.44AB in the preceding financial year - such individual or huf is liable to deduct TDS. 

In your case- the client being an individual - whose turnover exceeds the limit of 1cr for the FY2015-16 - liable to deduct TDS intespct of payments made in the FY 2016-17. ( the question of turnover for the AY 2017-18 ie FY 2016-17 does not arrise ) 

hence liable to deduct TDS for the AY 2017-18. 

once you are liable to get TAX AUDIT, always it is necessary


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register