TDS along with Audit provision

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Ankit (Querist)
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17 September 2009 Say in FY2008-09 an assessee's(individual/HUF) turnover exceed Rs.40Lacs and he complied with provision of sec44AB and obtain audit report in time.
Next year FY2009-10 his turnover doesnot cross Rs40Lacs.

My query is:

1)He has to obtain audit report or not for FY2009-10?

2)Does He has to deduct tax on payments made Say u/s 194A or 194C or 194I?
as in FY2008-09 he is liable for audit therefore FY2009-10 he has to deduct tax on certain payment

CA Vanesh Nadar

CA Vanesh Nadar (Expert)
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17 September 2009 No - Need not be liable for tax audit.

But, he will be liable for deducting the TDS for the payments u/s 194A/C/I.

Ravikumar.G

Ravikumar.G (Expert)
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17 September 2009 Individual and HUF (wef 01.06.08),AOP,BOI whether incorporated or not) who are subject to Tax audit u/s 44AB of the act during PRECEDING FINANCIAL YEAR.

Rajeev

Rajeev (Expert)
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17 September 2009 44AB not applicable . Yes TDS has to be deducted and paid for FY 09-10 , TDS not applicable in FY 10-11

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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18 September 2009 Agree with rajeev

Ankit

Ankit (Querist)
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18 September 2009 thanks for reply but for FY2009-10, how department or any third party( say bank for loan etc)came to know about compliance of TDS provision, whether complied with by the assessee or not? as there is no audit report

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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18 September 2009 The compliance burden is placed upon the
assessee.
Luckily ? If the case is selected for scrutiny by the department, at that time details of preceding 2-3 years are asked for.
Especially for comparison purpose G P Ratio and details of other expenses is asked by the department. Now department is having complete data base also.
By deducting TDS assessee doesn't pay anything from his own pocket.
But in Non deduction cases he has to spend from his pocket only.

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