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.
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
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.
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.
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
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- 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
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
