Applicability of tds section
This query is : Resolved
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.
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.
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
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
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?
02 May 2013
Yes if he is opting for audit he is required to deduct TDS
02 May 2013
Okay Thank You.
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