Tds for sale below 1 cr
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2013
PROP SHIP RETAIL BUSINESS TOTAL SALE IS 96 LAC DURING THE F.Y. 2012-2013.
INTT PAID ON UNSECURED LOAN EXCEEDS RS. 100000.00 AND SALARY TO THE SAME PERSON EXCEEDS RS.200000.00
THE CASE IS NOT AUDITED.
NET INCOME IS BEING SHOWN @ 8.5%.
THE QUESTION IS: IS IT COMPULSORY TO DEDUCT TAX AT SOURCE .TDS IS TO BE MADE OR NOT.
INTT PAID ON UNSECURED LOAN EXCEEDS RS. 100000.00 AND SALARY TO THE SAME PERSON EXCEEDS RS.200000.00
THE CASE IS NOT AUDITED.
NET INCOME IS BEING SHOWN @ 8.5%.
THE QUESTION IS: IS IT COMPULSORY TO DEDUCT TAX AT SOURCE .TDS IS TO BE MADE OR NOT.
Ganeshbabu K
(Expert)
11 August 2013
No need to deduct TDS,,if tax audit not applicable in previous year
21 August 2013
Check the previous financial year whether you were liable to get tax audit, if yes then only you need to deduct tds u/s 194A.
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