Tax audit
This query is : Resolved
30 January 2012
An individual has three business, of which two business are similar i.e. relating to tyres and third one is marketing business which is different from tyre business.
The two tyre business has turnover of more than 60 lakhs whereas marketing business has turnover less than 40 lakhs.
Now the individual has received notice from IT dept that he is covered by sec 44AB and TDS provisions are applicable even to marketing business. Is the contention of IT dept correct?
Is there any case law or any way in which the individual can be saved from section 44AB?
Please suggest someway to avoid penalty and other charges against him.
The two tyre business has turnover of more than 60 lakhs whereas marketing business has turnover less than 40 lakhs.
Now the individual has received notice from IT dept that he is covered by sec 44AB and TDS provisions are applicable even to marketing business. Is the contention of IT dept correct?
Is there any case law or any way in which the individual can be saved from section 44AB?
Please suggest someway to avoid penalty and other charges against him.
30 January 2012
In case notice is received in the subsequent
financial year to the FY of Tax Audit, The IT dept is not wrong. All the businesses of the assessee are covered under the TDS Provisions.
financial year to the FY of Tax Audit, The IT dept is not wrong. All the businesses of the assessee are covered under the TDS Provisions.
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