No tax audit in py 12-13 but audit in 13-14- tds applicable?
This query is : Resolved
15 November 2013
Hello everyone,
one of my client/proprietorship is a production house which at present is shooting for a television serial.
In PY 12-13 my client was not liable for tax audit but in current year gross receipts will exceed 1 crore/25 lacs.
In the current year they deducted TDS on all the payments made ignoring the fact that in the previous year it was liable for audit.
My question
1. What will be the turnover/gross receipts limit for a production house i.e 1 cr or 25 lacs
2. Is tax deduction of source warranted in the current year ?
3. Should this practice of deduction of TDS to be continued or i should advise the client not to deduct the TDS ?
waiting for the views of the experts
one of my client/proprietorship is a production house which at present is shooting for a television serial.
In PY 12-13 my client was not liable for tax audit but in current year gross receipts will exceed 1 crore/25 lacs.
In the current year they deducted TDS on all the payments made ignoring the fact that in the previous year it was liable for audit.
My question
1. What will be the turnover/gross receipts limit for a production house i.e 1 cr or 25 lacs
2. Is tax deduction of source warranted in the current year ?
3. Should this practice of deduction of TDS to be continued or i should advise the client not to deduct the TDS ?
waiting for the views of the experts
15 November 2013
TURNOVER LIMIT -1 CRORE.
.
TDS NOT WARANTTED AS PER THE FACTS. DEPOSIT THE TDS AND FILE THE RETURN ON OR BEFORE THE GIVEN DATE.
.
CONTINUE THE PROCESS IF STARTED EARLIER. THE
PRACTICE WILL MAKE COMPLIANCE AN EASIER TASK.
.
.
TDS NOT WARANTTED AS PER THE FACTS. DEPOSIT THE TDS AND FILE THE RETURN ON OR BEFORE THE GIVEN DATE.
.
CONTINUE THE PROCESS IF STARTED EARLIER. THE
PRACTICE WILL MAKE COMPLIANCE AN EASIER TASK.
.
21 November 2013
Agree with Shri Bafna
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
