Audit u/s 44ab
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 August 2013
is Annual maintenance contracts for computers and its peripherals liable for TDS.
31 August 2013
The party is doing commission business. The gross receipt of commission is of Rs. 9991000/- and receipt from investment is Rs. 25000/-. will it be covered under audit under section 44AB.
Regards
Gopal Prajapati
Regards
Gopal Prajapati
CA Parul Saxena
(Expert)
31 August 2013
Yes AMC is liable for TDS under section 194C and Mr.gopal no need to conduct tax audit as taxable limit of 100 lacs is not covered.
CMA Ramesh Krishnan
(Expert)
31 August 2013
Yes. TDS will apply on first case and tax audit will not apply on 2nd case
31 August 2013
For AMC tds u/s 194C is applicable
if deductee is Ind/Huf-1%
for others-2%
for non pan deductee - 20%
if deductee is Ind/Huf-1%
for others-2%
for non pan deductee - 20%
03 September 2013
If my business turnover is of Rs. 9999100 and receipt from investment is Rs. 25000. Whether consider as turnover of Rs. 100 lacs.
Regards
Regards
04 September 2013
The ans is yes as the gross receipts means including the investment income the total gross amount u earned exceeds Rs100 lacs, tax audit is applicable.
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