Tds

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M.M.SURANA

M.M.SURANA (Querist)

16 March 2018 Sir/Madam
A person having Sales TO above 1 C and less than 2 C and his net Profit is above 8% hence he need not to file audit Report u/s 44AB but my querry is that he has to deduct tax or not as per applicable provisions of the Act since TO is above 1C

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

16 March 2018 you have to consider Gross turnover to consider 8% without Tax audit.

RAJA P M

RAJA P M (Expert)

16 March 2018 If he opt u/s 44AD (Presumptive Scheme) then Tax Audit not Required and No need deduct TDS...
If he can't opt u/s 44AD then he fall u/s 44AB and will be deduct TDS...

M.M.SURANA

M.M.SURANA (Querist)

19 March 2018 As I feel for required Gross TO for TDS is 1C, in case adopt 44AD, than need not to file 44AB report . but my query is for TDS if it cross 1 C and file u/s 44AD than as per ur reply TDS not require, in case if 44AB reoprt is filled than tax to be deducted . In continuation , 2nd point TO is less than 1C and Net profit is less than 8% and person is filling 44AB report, in this case person has to deduct tax. Pl clarify me

RAJA P M

RAJA P M (Expert)

19 March 2018 Less than 1Cr Tax Audit not compulsory. So, TDS liability not mandatory.

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