tds
This query is : Resolved
14 March 2017
tds is dedicated by individuals/HUF if they are covered u/s 44AB in the previous financial year. but if an individual covered under 44AB in the f y say 2013/14 tds is deducted in fy 2024/15; but if same individuals is out of the ambit of sections 44AB in fy 2015/16 March ended 2016. whether tds is required to be deducted in fy 2016/17.
14 March 2017
TDS deduction is not related to any matter relating to the previous year. So if in the current financial year if the amount crosses the limit as mentioned in the respective section then TDS is need o be deducted compulsorily.
14 March 2017
who is responsible to deduct tds u/s 94 C ...for individuals and huf whose total receipt or turnover from the business carried on by him exceeds the limit as prescribed u/s 44AB during the financial year immediately preceding the financial year in which such sum is paid or credited to contractors
14 March 2017
so my question is whether limit of 44AB be looked into. each year or if one assessse start deducting in any financial year, will go on continuous deducting tds irrespective of the fact that in any subsequent years his turnover falls below the limit u/s 44AB
15 March 2017
We have to check limits of 44AB every year and TDS is to be deducted accordingly
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