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Tds

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(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.
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CA. PIYUSH GOEL

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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..
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CA Prashant Shrivastava

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CA Prashant Shrivastava (Expert)
11 April 2013 However, any person is liable to deduct TDS u/s 192 in all cases.
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