Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2013 I have started my own private limited company this month. Now I have 8 employees

5 out of 8 falls in TDS slab and I need to start TDS end of this month.

I have the following questions.

1. Is it mandatory for filing e-TDS quarterly (Form 24Q)?

2. Waht is the revenue limit for mandatory audit of accounts?

Thanks in advance
Srinivas

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 February 2013 1. Yes
2. No monetary limit for Audit for Pvt Ltd. Under Companies Act , compulsory audit has been prescribed.
However, for tax-audit U/s 44AB of the Income-Tax Act, limit of Rs. 1 crore Turnover or gross receipts (for Business) may be observed.
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