TDS ON COTRACT
This query is : Resolved
09 May 2008
OUR IS PROPRIETARY CONCER 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
15 May 2008
IN MY OPINION YES SINCE THE FACT THAT THE CONCERN IS NOT COVERED U/S 44AB CAN BE DETERMINED ONLY AFTER 31.03.2008.HENCE TDS ON APPLICABLE PAYMENTS SHOULD HAVE BEEN MADE DURING FISCAL 07-08.HOWEVER IN CASE NOT MADE NO PENAL ACTION CAN BE TAKEN AGAINST THE ASSESSEE.AS FOR 08-09 SAFELY ONE SHOULD DEDUCT THE TAX AT SOURCE BECAUSE IN CASE YOU ARE COVERED U/S 44AB IN 08-09 THEN YOU MAY HAVE TO FACE DISALLOWANCE OF EXPENSES, IF ANY U/S 40(a).
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