Applicability of tds section

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This query is : Resolved

Kushal Khandelwal (Querist)

30 April 2013 Does TDS sections are applicable to a unit who does not come under sec 44ab and has done audit because its net profit is below 8%?

Audit is done in previous assessment year 2012-2013 and still it comes under sec 44ad in this assessment year 2013-2014.

Please provide needful as early as possible.
Thank you.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)

30 April 2013 Imp Note: TDS applicability based on audit is only for Individual or HUF & not for any other entity others are required to deduct TDS any how

if Tax Audit is done in Py then the person (indvidual/HUF) is responsible for deducting TDS.

but as in the next year the person is filing his income in presumption basis
therefore Section 40(ia) is not attracted

Kushal Khandelwal

Kushal Khandelwal (Querist)

02 May 2013 As his income is below 8% of gross turnover, he opts for audit. For such a case is he required to comply with TDS provisions?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)

02 May 2013 Yes if he is opting for audit he is required to deduct TDS

Kushal Khandelwal

Kushal Khandelwal (Querist)

02 May 2013 Okay Thank You.

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