Tds
This query is : Resolved
SarwarAlam Khan
(Querist)
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.
Pls frnd reply soon....
Thanking in advance.
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.
In given case you are not even eligible for audit in current year hence no TDS liability will arise on such receipt.
SarwarAlam Khan
(Querist)
21 September 2011
So the threshold limit of RS. 60 lacs u/s 44AB becomes applicable from which date???
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.
Say if Tax Audit Applicable in AY 2010-11, liability to deduct TDS will arise in AY 2011-12.
SarwarAlam Khan
(Querist)
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
(Querist)
21 September 2011
Please rply ny1...
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