tds liability u/s 44AD

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Querist : Anonymous (Querist)

24 June 2011 what is the tds liability of the assessee under section 44AD?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 June 2011 please elaborate your query

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 June 2011 TDS provisions will be applicable to the firms in the prescribed cases , as usual.
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In case of Individuals and HUFs, who were under Tax Audit for the AY 2010-11, were require to deduct TDS during FY 2010-11, where ever TDS provisions were applicable.

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For the FY 2011-12, they are not required to deduct TDS in case they have opted or are covered U/s 44AD.

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For AY 2011-12, if the Individual and HUF , has opted to get their accounts audited , due to lesser profit and turnover then the prescribed limits, are not required to deduct TDS during FY 2011-12.

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