Tds
This query is : Resolved
Harsh Goyal
(Querist)
11 April 2013
Sir,
If a proprietorship concern get its accounts audited under section 44AB, as the concern shows its profits below 8% of total turnover, and the turnover of the concern is Rs. 35 Lacs, is the concern liable to deduct TDS in the subsequent financial year. Please guide me on that as it is a disputed matter.
If a proprietorship concern get its accounts audited under section 44AB, as the concern shows its profits below 8% of total turnover, and the turnover of the concern is Rs. 35 Lacs, is the concern liable to deduct TDS in the subsequent financial year. Please guide me on that as it is a disputed matter.
CA. PIYUSH GOEL
(Expert)
11 April 2013
dear harsh..
an individual is liable to TDS deduct TDS only if his last year turnover exceeds maximum limit not chargable to tax.. and not merely his was subject to tax audit last year due to lower profit rate..
refer wordinds of sec. 194C, 194I,194J etc..
an individual is liable to TDS deduct TDS only if his last year turnover exceeds maximum limit not chargable to tax.. and not merely his was subject to tax audit last year due to lower profit rate..
refer wordinds of sec. 194C, 194I,194J etc..
11 April 2013
However, any person is liable to deduct TDS u/s 192 in all cases.
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