TAX AUDIT

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arvind r shah (Querist)
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11 May 2020 My t/o gross receipt less than5 crs, conditions of cash receipt 5% & cashexp 5% satisfied. Whether TDS provisions are applicable if t/o /gross recpt are more than 1 cr in previous f.y.? Fy in question is 19-20.

kamal p keswani

kamal p keswani (Expert)
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11 May 2020 Tds is applicable if turnover is more than 1 crore in previous financial year. Condition of 5% of cash exp and receipt starts from fy 20-21 and not fy 19-20.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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12 May 2020 If your turnover exceeds Rs 1 crore in FY 19-20 then u are liable to deduct tax in FY 2020-21. Limit of 5 crore applicable for Tax Audit purposes from FY 19-20 itself.
CA Manoj Gupta
Jodhpur
982810543

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