CA.R.S.KALRA
Quick Summary
Obligation of compliance of TDS provisions It is to be noted that the provisions for presumptive taxation override only sec 28 to 43C and not the provisions of TDS. Therefore, the assessee declaring income u/s 44AD, 44ADA, or 44AE is liable to deduct TDS e.g. Every person is required to deduct T
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FAQ :
No, presumptive taxation provisions override sections 28 to 43C but not TDS provisions. You are still liable to deduct TDS if applicable, even if declaring income under sections 44AD, 44ADA, or 44AE.
Since the Finance Act 2020, individuals or HUFs with a turnover or gross receipts exceeding Rs. 1 crore for business or Rs. 50 lakh for profession in the preceding financial year are required to deduct TDS under sections 194A, 194C, 194H, 194I, and 194J.
Eligible assessees declaring profits and gains under section 44AD or 44ADA are required to pay their entire advance tax liability by 15th March of the financial year.
If the advance tax paid by 15th March is less than the tax due on your returned income, you may be liable to pay simple interest at 1% per month or part of a month on the shortfall, as per section 234C.
Interest under Section 234B is charged if you fail to pay at least 90% of your assessed tax as advance tax, or if you fail to pay any advance tax at all. Interest is calculated at 1% per month or part of a month from 1st April until the date of determination of total income or regular assessment.
Yes, advance tax is payable if your total tax liability is Rs. 10,000 or more.
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