tax dededtion at source
This query is : Resolved
25 May 2008
a proprietorship firm was under tax audit u/s 44AB (because his net profit was below 8% of turnover under costruction business {u/s 44AD}) in the previous year. whether it compulsory for him to deduct tds this year
S.Srinivasaraghavan
(Expert)
25 May 2008
The TDS liability has nothing to do with 44AD. Can you make ur question more clear?
26 May 2008
my qurey is that an individual was under tax aundit in the previous year. he is engaged in construction business. net profit in the previous year was below 8% of the turnover. that is why he has to get his accounts audited u/s 44AB. My query is whethr he is obliged to deduct tax at source u/s 94C during the year.
Manish Agarwal
(Expert)
26 May 2008
No he is not rqrd to deduct TDS, since in the p.y his gross receipts or turnover did not exceed Rs.40lacs.
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