Tcs deduction in case of auditee assesseu/s 44ad
This query is : Resolved
CHANDAN BARANWAL
(Querist)
24 July 2013
DEAR SIR,
OUR CLIENT HAS COAL BUSINESS AND LAST YEAR HIS ANNUAL TURNOVER IS LESS THAN 60 LACS BUT HIS ACCOUNTS IS AUDITED U/S 44AD FOR LOWER INCOME DECLARATION THAN 8%. NOW I WANT TO CLAR WHETHER HE HAS TO DEDUCT TCS AND DEPOSIT THE SAME IN CASE OF SALE OF COAL.AS BCCL IS DEDUCTIING TCS IN CASE OF SALE OF COAL TO CLIENT. PLEASE CLEAR IT.
THANKS & REGARDS
CA C.P. BURNWAL
DEAR SIR,
OUR CLIENT HAS COAL BUSINESS AND LAST YEAR HIS ANNUAL TURNOVER IS LESS THAN 60 LACS BUT HIS ACCOUNTS IS AUDITED U/S 44AD FOR LOWER INCOME DECLARATION THAN 8%. NOW I WANT TO CLAR WHETHER HE HAS TO DEDUCT TCS AND DEPOSIT THE SAME IN CASE OF SALE OF COAL.AS BCCL IS DEDUCTIING TCS IN CASE OF SALE OF COAL TO CLIENT. PLEASE CLEAR IT.
THANKS & REGARDS
CA C.P. BURNWAL
CA PARAS BAFNA
(Expert)
24 July 2013
You will appreciate the fact that audit U/s 44AD is conducted under clause (d) of Section 44AB, whereas the TCS/TDS liability arises by virtue of clause (a) and (b) only.
.
So, there is no need to deduct TCS ..
.
So, there is no need to deduct TCS ..
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
