TDS Applicability
This query is : Resolved
13 March 2017
one of my assessee having turnover of 95 Lac in financial year 2015-16 and has got book of account audited. In the financial year 2016-17 turnover is 1.5 Cr whether assessee has to deduct tds for interest payments in financial year 2016-17 ?
13 March 2017
As per the provision an Individual or HUF is required to deduct TDS on specific amount where the individual or H.U.F. is carrying on a business/profession whose accounts are required to be audited u/s 44AB,in the immediately preceding financial year.
Since your audit was not done u/s 44AB (Turnover limit was 100 Lacs as per the section) so no liability of TDS deduction.
Since your audit was not done u/s 44AB (Turnover limit was 100 Lacs as per the section) so no liability of TDS deduction.
13 March 2017
Assessee is not liable for TDS in the FY 2016-17.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Type of Capital Gain
- Booth for sales promotion
- Exiting partner in partnership firm in gst portal
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- ITR-Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
