Provision for tds for turnover less than 1 crore and audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 August 2012
sir if a person making sales or total turnover less than 1 crore for the fy. 2012-13 and get his accounts audited whether tds provision applicable for next year.
CA. Subhash Dangi
(Expert)
31 August 2012
It is mandatory to Individuals and HUF to get their accounts audited compulsorily U/s 44AB if sales or turnover crosses the maximum limit and accordingly TDS provisions are applicable.
The test for deciding, whether individuals and HUFs have to comply with the provisions of TDS, is based on the turnover of the business or professional receipts (same limit as for tax audit u/s.44AB)
If any Individual or HUF get his accounts audited voluntarily though the total turnover less than maximum limit, then TDS provisions are not applicable
The test for deciding, whether individuals and HUFs have to comply with the provisions of TDS, is based on the turnover of the business or professional receipts (same limit as for tax audit u/s.44AB)
If any Individual or HUF get his accounts audited voluntarily though the total turnover less than maximum limit, then TDS provisions are not applicable
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