Tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 June 2012 I am an individual doing business. I was having sales below 60 lakhs in the financial year 2010-11 and I was not deducting TDS on payment or bills. In the year 2011-12 the sale is more than 60 lakhs and liable to TAX audit . Now I have to deduct TDS. The sale of Rs.60lakhs is crossed from January 2012. From which date TDS is to be deducted.

shashikumar

shashikumar (Expert)
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13 June 2012 You can start deducting TDS from now for current payments and for previous payments September 30 is last date , collect the pending TDS payments or revise the bills

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 June 2012 TDS is required to be deducted if the individual was liable to tax audit in the PREVIOUS YEAR.

Since you were not liable to tax audit in the previous year, you are not required to deduct TDS in the current year.

Your turnover in the current year has exceeded Rs. 60 lakhs, so you are required to deduct TDS from the next year.