Tds deduction by individual who is not under tax audit
This query is : Resolved
04 June 2015
A person who is in Tax Audit in 2012-13 and deducting TDS on Interest paid to others and after that he is not in under 44AB. In F.Y. 2015-16 he is liable to deduct TDS on Interest paid to Others.
pls give me any reference for above
pls give me any reference for above
04 June 2015
No he is not required to deduct TDS in FY 2015-16 since he is not under Tax Audit for FY 2014-15.
05 June 2015
thank you sir can you give me reference for the same
05 June 2015
Extracts of Section 194A.
Provided that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such interest is credited or paid, shall be liable to deduct income-tax under this section.
See link given below:
https://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000036672&k=&IsDlg=0
Provided that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such interest is credited or paid, shall be liable to deduct income-tax under this section.
See link given below:
https://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000036672&k=&IsDlg=0
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