25 July 2011
If the assessee had a turnover in excess of 40L.. during last FY, then irrespective of current years turnover..TDS provisions would apply.
25 July 2011
Under 44 AD..no books of account are needed to be maintained & therefore the question of audit does not arise.
Applicability of TDS provisions depends on the Turnover during previous year.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
25 July 2011
44AD i mean to say assesse is showing less than 8% and required audit???
so even if assesse has no other payments on which required to deduct TDS? he is required to report/disclose the payment made to transporters of whom he obtained PAN
25 July 2011
so if 8% option has not been taken & the assessee has opted to maintain the books & show a lesser profits.. then its not a case of 44AD...
& if the Turnover is less than the required limit for taxa audit... no audit is required.
Hence...TDS provisions would not be attracted.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
26 July 2011
From A.Y. 2011-12 Assesse is requird to get his accounts audited if he shows profit less than 8%?? So in clear terms he is required to get his accounts audited/.
26 July 2011
TDS by Individual and HUF (Non Audit) case not deductible An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.60,00,000 in case of business & Rs.15,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J.So no tax is deductible by HUF/Individual in first year of operations of business even sales/Fees is more than 60/15 Lakh.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
27 July 2011
In previous year A.Y. 2010-11 audit done . Now from Ay-2011-12 Audit is mandatory even for Individual & Hufs if they are shoeing less than 8% of sales, even if sales are less than 60 lakhs ,please come to the point???