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Tds

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(Querist)
01 July 2013 Sales in individual is Rs. 35,00,000 /-. Loss is Rs. 8,85,000 /-. According to my understanding it is subject to audit u/s 44 AB read with Sec. 44AD i. e. less than 8 % profit for A. Y. 2013 - 2014. If right then will all TDS provision apply ? And if no TDS deducted, should it be disallowed ? Will anyone Kindly clarify ?
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
01 July 2013 You are completely correct in your view. The firm is subjected to tax audit, IF, you want to carry forward the benefit of tax loss.
TDS is dependant on previous year status, if it is liable to be audited under section 44AB. (Only clause (a) & (b) is covered, i.e., 1 crore & 25 lacs limit). If person audited accounts of previous year only due to 44AD, it is not covered in TDS provisions.
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Rajesh Topiwala

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Rajesh Topiwala (Querist)
01 July 2013 But is it there in Section anywhere that if it is subject to audit u/s 44 AB read with Sec. 44 AD that provision of TDS will not applicable ?
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
02 July 2013 Quote the extracts....
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