Tds applicablity

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 January 2015 Gross Turnover Rs. 5800000 In FY 2012-13 but now current fy 2014-15 t/o above 1.00 cr so TDS Applicable or Not ??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 January 2015 Liability to deduct TDS will arise from FY 2015-16 (only in case of Individual/HUF). In other cases TDS required to be deducted irrespective of applicability of Tax Audit.

Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2015 But My turnover in this Fy 2014-15 is above 1.00 cr threfore i am liable to TAX AUDIT. so TDS Will be deducted Or Not.??

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 January 2015 for fy 14-15 you will be liable for tax audit as per sec 44AB as the gross turnover is exceeding the threshold limit.

tds (if it is applicable in any transaction) shall have to be deducted for FY 15-16.

Querist : Anonymous

Querist : Anonymous (Querist)

30 January 2015 but this financial year i have paid Rs 120000 professional fees same party so have TDS deducted or not.?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 January 2015 Not required to deduct TDS. Deduct TDS from FY 2015-16.

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