Applicability of TDS provisions or not ?

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CA. SANTOSH S KEWALRAMA (Querist)
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26 June 2008 Dear All,

One of my client is having partnership firm in F.Y 2005-06 which is converted into proprietory concern in F.Y 2006-07. In F.Y 2005-06 Audit was done u/s 44AB and also TDS is deducted on unsecured loans.In F.Y 2006-07 there is no unsecured loan hence TDS is not deducted and also he is not eligible for Tax Audit during F.Y 2006-07 since his receipts are below 40 Lacs. Now in F.Y 2007-08 he is liable for Tax Audit. My question is that whether TDS provsions are applicable in F.Y 2007-08 as the business is in Proprietorship Name and in propreitorship name this is his first year of audit.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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26 June 2008 It depends upon what is the section under which TDS is required.

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