194i
This query is : Resolved
26 September 2015
Good evening,QueryWhether a sole proprietor is required to deduct tds u/s 194i his income is less than persumed income u/s 44 ad. Rent paid is also above 180000
CA R SEETHARAMAN
(Expert)
26 September 2015
No need for TDS as his turnover is less than than the limit as per 44AB.
26 September 2015
But sir individual is liable to deduct tds if he gets his accounts audited during preceding previous year
26 September 2015
Also audit done under 44ab covers if books are audited if income is less than 8 of persumptive income
CA R SEETHARAMAN
(Expert)
27 September 2015
No TDS for such audits.....
CA R SEETHARAMAN
(Expert)
27 September 2015
Turnover should exceed as per limit prescribed u/s 44AB(a) or 44AB(b).
28 September 2015
Actually sir i am not able to understand why tds is not to be deducted
CA R SEETHARAMAN
(Expert)
03 October 2015
As the turnover is less than 1 crore no need to deduct TDS. The dept's intention is to put the burden of TDS on big business only.
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