Tds

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Lalit (Querist)
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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)
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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)
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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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