I have a question on income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2018
Sumar Swamy is a Propreitor of M/s.Sumar Provision Stores and his only business and only source of income.
AY 2017-18 relevant to the previous year 2016-17 - Turnover was 85,58,650/- and profit was less than 6%. A CA had conducted a tax audit under section 44AB of his accounts.
During AY 2018-19 relevant to the previous year 2017-18 - A rent of Rs.2,40,000/- for his shop has been paid by him to his resident lessor. No tax has been deducted at source on such rent.
What is the amount that needs to be disallowed under section 40(a)(ia) in the course of computing his income for the AY 2018-19?
AY 2017-18 relevant to the previous year 2016-17 - Turnover was 85,58,650/- and profit was less than 6%. A CA had conducted a tax audit under section 44AB of his accounts.
During AY 2018-19 relevant to the previous year 2017-18 - A rent of Rs.2,40,000/- for his shop has been paid by him to his resident lessor. No tax has been deducted at source on such rent.
What is the amount that needs to be disallowed under section 40(a)(ia) in the course of computing his income for the AY 2018-19?
CA PARAS BAFNA
(Expert)
23 June 2018
TDS is not required to be deducted as it would be applicable only when the turnover of FY 2016-17 had exceeded Rs 1 crore in this case.
CA PARAS BAFNA
(Expert)
23 June 2018
TDS is not required to be deducted as it would be applicable only when the turnover of FY 2016-17 had exceeded Rs 1 crore in this case. No need fro disallowing any sum.
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