Tds applicability under section 44ad
This query is : Resolved
07 November 2014
A Partnership firm is under Tax audit in AY 13-14 but in AY 14-15 turnover is less than 1 Cr and intended to disclose profit under section 44AD 8% without Tax audit. but question is that if some of payment by cheque is nature of TDS and TDS is required to deducted on that amount i.e contract payment, interest etc.??
07 November 2014
It will attract TDS provisions in 14-15 as it had tax audit in 13-14. (AY in your query is construed as Assessment Year)
07 November 2014
Rajendra TDS is not deducted as per Audit criteria. It is applicable as per the transaction nature. Hence if the limit crosses as per stated in respective section then TDS is to b deducted on that transaction irrespective of Turnover and all other details.
07 November 2014
Sir is it attract TDS even if partnership firm
07 November 2014
Thanks for prompt response and solution
07 November 2014
yes, it is applicable for partnership firm as well.
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