Tds by an individual

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2012 Suppose an individual has Income from Salary Rs 72 Lacs, Income from Business Rs House Property Rs 12 Lacs, Income from Business Rs 28 Lacs & income from Other Sources Rs 2 Lacs. Is he liable for deducting tax on payments made to contractors or is it that the business income does not exceeds the limit for audit u/s 44AB hence not liable for deducting tax. Please guide.

Guest

Guest (Expert)

04 May 2012 Yes TDS provisions are applicable to individuals if he is covered u/s 44AB

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2012 In the instant case please tell whether the individual is covered u/s 44AB or not as he is having the maximum income from salary and not from business?

Sanket Shah

Sanket Shah (Expert)
Follow

04 May 2012 it does not depend whether you are having maximum income from any source. the only criteria is business turnover exceeding Rs.60lacs. kindly confirm your business turnover?

Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2012 Sir, the Business Turnover is Rs 53 Lacs from which profit is Rs 28 Lacs. Also Salary Income is Rs 72 Lacs. In this context please guide.

Sanket Shah

Sanket Shah (Expert)
Follow

05 May 2012 in this case individual will not be liable to deduct tax in subsequent financial year. since provision for tax deduction is in respect to turnover in preceeding financial year.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now