tds liability u/s 44AD
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2011
what is the tds liability of the assessee under section 44AD?
CMA Ramesh Krishnan
(Expert)
26 June 2011
please elaborate your query
CA PARAS BAFNA
(Expert)
27 June 2011
TDS provisions will be applicable to the firms in the prescribed cases , as usual.
*
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.
*
For the FY 2011-12, they are not required to deduct TDS in case they have opted or are covered U/s 44AD.
*
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.
*
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.
*
For the FY 2011-12, they are not required to deduct TDS in case they have opted or are covered U/s 44AD.
*
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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