Audit u/s 44ab

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Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2013 is Annual maintenance contracts for computers and its peripherals liable for TDS.

gopal

gopal (Querist)

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

CA Parul Saxena

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

CMA Ramesh Krishnan (Expert)

31 August 2013 Yes. TDS will apply on first case and tax audit will not apply on 2nd case

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

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%

gopal

gopal (Querist)

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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

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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