Tax audit
This query is : Resolved
03 August 2011
I AM HAVING TRANSPORT BUSINESS NOT FALLING UNDER SEC.44AE, I AM HAVING TURNOVER OF RS.45,00,000/- AND PROFIT LESS THAN 8%.
SHALL I DEDUCT TDS FOR THE YEAR AND NEXT YEAR
SHALL I DEDUCT TDS FOR THE YEAR AND NEXT YEAR
03 August 2011
Hi,
If you are not subject to tax audit and not covered u/s 44AE, then you need not to deduct tds if you are having proprietorship business. Regarding 8% declaration, it is applicable to 44AD cases and not to 44AE cases. Other experts views are welcome.
If you are not subject to tax audit and not covered u/s 44AE, then you need not to deduct tds if you are having proprietorship business. Regarding 8% declaration, it is applicable to 44AD cases and not to 44AE cases. Other experts views are welcome.
04 August 2011
i have transport business on contract basis , I dont own any vehicle so it attract tds applicability?
my turnover is 45 Lacs & profit is less than 8%
my turnover is 45 Lacs & profit is less than 8%
06 August 2011
Since u do not own vehicles, section 44AE does not apply vide CBDT circular 684 dated 10/06/1994.
Your business ,thus, is covered under section 44AD.If profit is less than 8% audit under section 44AB is mandatory.
However, turnover being less than Rs.60/- lakhs, TDS provisions does not apply for financial year 2011-12 provided turnover given is for financial year 2010-11.
Your business ,thus, is covered under section 44AD.If profit is less than 8% audit under section 44AB is mandatory.
However, turnover being less than Rs.60/- lakhs, TDS provisions does not apply for financial year 2011-12 provided turnover given is for financial year 2010-11.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Interest free loan to daughter or son
- Sale of Equity shares for Purchase of Residential Property
- Amount received in another firm
- GST Reverse
- Sale of business and Assets
- Remuneration of directors and GST implications
- Clarification regarding Import E-way bill transaction type // Regular or Bill from Dispatch From
- ECO SUPPLY REPORTIONG IN GSTR-1
- Non issue of e way bill
- Director payment
- Refund Annexure-B
- Subscription paid to foreign customer
- Payment to foreign customer
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- GST Cancellation without jurisdiction
- ITC on purchase of commercial property( shop/Godown/offce etc.)
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
