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Discussion > Income Tax > TDS >

Tds provision applicability

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Partner


[ Scorecard : 29]
Posted On 02 December 2011 at 11:16 Report Abuse

Hi

I just want to know that when a person comes into tax audit bracket , from  next year onwards he is liable to deduct TDS .But if suppose next year , he comes out of the tax audit bracket, will he be liable to  deduct TDS in the year following the year in which he went out of the tax audit bracket.


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[ Scorecard : 29]
Posted On 02 December 2011 at 12:03

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CA Devender Chauhan
Group Financial Accountant


[ Scorecard : 1523]
Posted On 02 December 2011 at 12:32

As per my understanding, TDS provisions in case of an individual is applicable if the individual is liable for audit u/s 44AB in the previous year. In case the assessee is not liable for audit u/s 44AB in previous year TDS provisions will not applicable in Subsequent year.

 

But there are some exeptions to it e.g. TDS on Contractor, TDS on payments made to non - resident........




p v s sudhir kumar
0


[ Scorecard : 48]
Posted On 02 December 2011 at 14:26

Regarding my veiw TDS Provisions will be applicable for every one but, the criteria is only the nature of transaction and financial interest involoved which come under Sec. 194c, 194I, etc., like that




VISHAL SINGH
Chartered Accountant


[ Scorecard : 71]
Posted On 02 December 2011 at 15:54

@ DS Chauhan , For your information as per explanation to Section 194C,Individual & HUF are covered under TDS provision,only if they are liable to audit accounts in the preceding financial year.




CA yogesh jain
job


[ Scorecard : 50]
Posted On 02 December 2011 at 17:01

The audit criteria for deducting tds is checked only for individual and huf not for ALL PERSON,and also some section of tds not all section of tds plz specify the exact section on which u required clarification. suppose individual & HUF in financial year 2010-2011 a person is liable for audit, then only in f/y 2011-12 he is liable to deduct TDS.



CA Prashant Kr. Mishra
AS A MEMBER IN CA FIRM


[ Scorecard : 248]
Posted On 02 December 2011 at 19:36

YES ONCE HE STARTS DEDUCTING TDS,

HE CANNOT DENY TO DEDUCT TDS

EVEN IF HE COMESOUT OF TAX AUDIT BRACKET




CA SOHAM SHUKLA
Nil


[ Scorecard : 157]
Posted On 02 December 2011 at 20:40

In sections such as 194I, 194J etc. it has been provided that " Where the payer is an Ind/HUF, the applicability of this section arises only if their sales etc exceeds the limits prescerbed u/s 44AB in the immediately preceding FY"  

Thus the section itself gives the answer to ur question. The person is required to deduct TDS only if the turnover etc exceeds the prescribed limit in the PFY.




CA Devender Chauhan
Group Financial Accountant


[ Scorecard : 1523]
Posted On 03 December 2011 at 10:56

Originally posted by : VISHAL SINGH

@ DS Chauhan , For your information as per explanation to Section 194C,Individual & HUF are covered under TDS provision,only if they are liable to audit accounts in the preceding financial year.


Thnks Vishal for the correction,

Aactually by mistake I mentioned tds on contractor whereas It was tds on salary...........

 




CA PRAVEEN SINGH
MANAGER ACCOUNTS


[ Scorecard : 2237]
Posted On 03 December 2011 at 12:37

Agree with above all.....



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