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TDS ON COTRACT

This query is : Resolved 
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(Querist)
09 May 2008 in the finansical year 2006-07 total turnover is rs 50 lakhs tds is deducted & paid but in financial yers 2007-08 total turnover is less than rs 40 lakhs & income is presumtive income u/s 44AD cotractor 8% net profit is shown whether tds provision is applicable or not in the f y 07-08 & 08-09
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R.V.RAO

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R.V.RAO (Expert)
09 May 2008 TDS PROVISIONS ARE APPLICABLE IRRESPECTIVE OF TAX AUDIT LIMITS .
IN FACT THERE IS NO CONNECTION BETWEEN THE BOTH.THE TURNOVER LIMIT IS FOR TAX AUDIT PURPOSE AND HAS NOTHING TO DO WITH TDS.
TDS PROVISIONS ARE GOVERNED UNDER SEC 192 TO 196 OF IT ACT.
R.V.RAO
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CA Hemant T Dewani

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CA Hemant T Dewani (Querist)
09 May 2008 MR.R V RAO
OUR IS PROPRIETORY CONCERN & TDS IS NOT APPLICABLE FOR INDIVIDUAL IF DURING THE YEAR TURNOVER IS LESS THAN 40 LAKHS
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