No tax audit in py 12-13 but audit in 13-14- tds applicable?
This query is : Resolved
CA Abhishek Singh
(Querist)
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
CA PARAS BAFNA
(Expert)
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.
.
SANTOSH SAGAR K
(Expert)
21 November 2013
Agree with Shri Bafna
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