27 May 2011
An assesee who is an individual was covered under tax audit in AY2010-11. But for AY2011-12 he falls outside the purview of tax audit u/s 44AB. Last year as he was covered under tax audit he was liable to deduct tax at source for interest and salary. Now as he is not covered under tax audit, i would like to know whether he is liable to deduct TDS for interest and salary payment.
27 May 2011
For the Financial Year 2010-11, the liability to deduct TDS continues and for FY 2011-12 he may not deduct TDS on Interest. However on salary , he should continue to deduct TDS.
CAclubindia
