02 July 2014
One of my client was under tax audit for first time in the F.Y.2011-12. Then, in the F.Y.2012-13 his turnover was below tax limit. Now in the F.Y.2013-14 his turnover cross the tax audit limit.
Now, my question is this is he should be liable for deducting TDS for this current F.Y.2013-14 ?
02 July 2014
According to the provisions of TDS for Individuals/HUF those who are liable for tax audit u/s 44AB for the immediate previous year to the current year is/are required to deduct TDS as per the provisions of TDS/TCS.
So in your case your client individual first time liable for tax audit for F.Y 2011-12 and for F.Y 2012-13 not liable for tax audit and again for F.Y 2013-14 liable for tax audit, So need not to deduct TDS/TCS in F.Y 2011-12 and F.Y 2013-14 but required to deduct TDS/TCS in F.Y 2012-13 even though such year not liable for tax audit as its previous year liable for tax audit u/s 44AB.
Summary:
Upto F.Y 2011-12 Not required F.Y 2012-13 Required F.Y 2013-14 Not required F.Y 2014-15 Required. F.Y 2015-16 depending on F.Y 2014-15 turnover For confirmation and any clarification please click on the below link
03 July 2014
if in previous year your sales was below limit u/s 44AB then if current year no required to deduct the TDS. in F y 2012-13 turnover is below then I F Y 2013-14 no required to deduct the TDS.
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