Tds applicability under section 44ad

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Rajendra Jethava (Querist)
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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.??

Amol S Joglekar

Amol S Joglekar (Expert)
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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)

Sandeep Dharar

Sandeep Dharar (Expert)
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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.

Rajendra Jethava

Rajendra Jethava (Querist)
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07 November 2014 Sir is it attract TDS even if partnership firm

Rajendra Jethava

Rajendra Jethava (Querist)
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07 November 2014 Thanks for prompt response and solution

Amol S Joglekar

Amol S Joglekar (Expert)
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07 November 2014 yes, it is applicable for partnership firm as well.

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