Tds

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Lalit (Querist)

24 June 2016 Hi,
I have query about TDS. If an individual carrying 3-4 business his turnover is below 1 crore is he liable to deduct TDS or not? also previous year turnover is also below 1 crore
Is coaching institute comes under profession ? what is limit for coaching class for tax audit?(service tax no. is available)
Carrying Business : 1 contruction, 2 coaching institute, 3 Wind power & Other.

Thanks in advance.

Rupesh Jain

Rupesh Jain (Expert)

24 June 2016 in f y 2015-16 for professional Rs. 25 lacs
for business Rs. 1 Crore

for F y 2016-17 its for professional RS. 50 lacs for business and for 44AD its limit Rs. 2 crores and otherwise Rs. 1 crores.

if you are not liable to audit u/s 44AB in last year then no TDS deduction required in current year.
for construction and wind its Rs. for business and coaching centre its as professional.

Lalit

Lalit (Querist)

24 June 2016 But he is not teaching there he had an employee who conduct the batches so as per my view this is business not a profession ? Is this right?

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