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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
