Tds liability for individual assessee

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This query is : Resolved

Vijay Rathod (Querist)

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 ?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

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

https://www.lessmytax.com/persons-liable-to-deduct-tax-at-source-tds/

OM SAI SRI SAI JAI JAI SAI

Rupesh Jain

Rupesh Jain (Expert)

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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