Tds

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SarwarAlam Khan (Querist)
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21 September 2011 Whether an individual who is carrying rent a car business liable to deduct TDS when his gross receipt is around 48 lacs,if yes which section would be applicable?????
Pls frnd reply soon....
Thanking in advance.

VISHRUT

VISHRUT (Expert)
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21 September 2011 TDS will have to be deducted only if you r under audit in the previous year.

In given case you are not even eligible for audit in current year hence no TDS liability will arise on such receipt.

SarwarAlam Khan

SarwarAlam Khan (Querist)
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21 September 2011 So the threshold limit of RS. 60 lacs u/s 44AB becomes applicable from which date???

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 September 2011 In case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of40 lakh or10 lakh respectively (the limits will be60 Lakh or15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source.

Say if Tax Audit Applicable in AY 2010-11, liability to deduct TDS will arise in AY 2011-12.

SarwarAlam Khan

SarwarAlam Khan (Querist)
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21 September 2011 So sir, an individual carrying rent a car business whose total turnover in p.y 2010-11 is rs. 90 lacs whereas his turnover in p.y 2009-10 was rs. 48 lacs, now will he liable to deduct tds???

SarwarAlam Khan

SarwarAlam Khan (Querist)
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21 September 2011 Please rply ny1...

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