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Tds deduction

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(Querist)
23 July 2016 Dear Experts,

A proprietor concern achieve a turnover of Rs. 78 Lacs in F.Y. 2015-16 & 73 Lacs in F.Y. 2014-15 & NP was below 8% in both the years. And accounts of the concern has been audited u/s 44AB (d)

It has paid Rs. 85,000 as Professional charges during F.Y. 2015-16. Should it deduct TDS on payment of Professional Charges.

Please advise.
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CA SUNIL K GARG

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CA SUNIL K GARG (Expert)
23 July 2016 If a person whose turnover from business carried on by him exceeds the monetary limits specified under clause (a) or (b) of section 44AB during the financial year immediately preceding financial year in which such sum by way of fees for professional is paid, shall be liable to deduct TDS.
However in your case there is no requirement to deduct TDS as turnover was below limit specified.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
25 July 2016 Since you are coming under purview of tax audit, you are advised to deduct TDS on professional fees.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
25 July 2016 Since you are coming under purview of tax audit, you are advised to deduct TDS on professional fees.
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