Requirement for t d s

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sanjiv (Querist)
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17 September 2014 individual and huf if incurred certian expenditure for examle interest of rs 15000 and if they liable for tax audit under income tax 44ab then required to deduct tds on such some .

i want to ask you sir that if they are required to be audited u/d 44ad then also they are required to deduct tds on such payment

Khyati Parekh

Khyati Parekh (Expert)
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17 September 2014 As per income tax act An Individuals or an H.U.F. is not liable to deduct TDS on payment except where the individual or H.U.F. is carrying on a business/profession where accounts are required to be audited u/s 44AB, in the immediately preceding financial year.
So if said intrest expense is incurred in during the financial year 2013-14 than individual of huf is required to deduct tds if and only if books of accounts of such individual of huf rlated to financial year 2012-13 are required to get audited.

Khyati Parekh

Khyati Parekh (Expert)
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17 September 2014 Further a person is liable to get its accounts audited u/s 44AB if during the relevant financial year its gross sales, turnover or gross receipts exceeds Rs. 1 Crore (A.Y. 2015-16) (Rs.60 lacs for A.Y.2012-13) in case of a business, or Rs. 25 lacs (A.Y.2015-16) (Rs. 15 lacs for A.Y. 2012-2013) in case of profession.so if individual or huf was required to get audited a/c of immidiatly preceding financial year u/s 44ad..is not required to deduct tds.

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