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vibhor vijay (Querist)

01 January 2015 Whether TCS Deduction liability generated to Supplier if turnover less then 1 crore but he claims profit less then 8% i.e. if he challenges 44AD ?

Ketan Shah

Ketan Shah (Expert)

01 January 2015 The provisions of deduction and collection of tax are to be complied by an individual or huf if their books were audited in previous financial year. So whether the audit was due to lower declaration of profit or not is irrelevant.

vibhor vijay

vibhor vijay (Querist)

01 January 2015 Thanks Mr. Ketan it means previous year status is relevent for that liability but a single confusion is there that turnover is relevent or attraction of sec. 44AB is relevent ?

Ketan Shah

Ketan Shah (Expert)

02 January 2015 In such cases attraction of section 44AB is relevant since in tds provisions section under which books of accounts are audited is not mentioned.

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vibhor vijay

vibhor vijay (Querist)

02 January 2015 Thanks for your valuable suggestion.

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