TAX AUDIT
This query is : Resolved
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.
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.
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
CA Manoj Gupta
Jodhpur
982810543
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