Tax audit & tds provisions
This query is : Resolved
25 December 2016
. A PROPREITORY CONCERN HAD TAX AUDIT U / S 44AB FOR ASSESSMENT YEAR 2016 – 17. FOR THE A. Y 2017 – 18; TURNOVER IS LESS THAN 2 CRORE & TAX AUDIT IS NOT REQUIRED U / S 44AB. ARE TDS PROVISIONS APPLICABLE FOR A. Y. 2017 – 18.
Narendra Kumar Gupta
(Expert)
25 December 2016
As per section of TDS, For individual and Huf who are not covered under tax audit, Normal TDS provision will not apply... However TDS provision on Sale of Immovable property etc.. will apply, Some TCS provision will also apply even though the person is not covered by TAX audit
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CA R SEETHARAMAN
(Expert)
25 December 2016
TDS provisions applicable for AY 2017-18 in view of tax audit applicable for AY 2016-17.
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KAVIRAJA ADDANGADI
(Expert)
26 December 2016
Tax audit turnover not only criteria but also profit 8% declarations for Income tax, if you declare less than 8% tax audit is applicable.
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