Tds & tax audit report

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This query is : Resolved

Denish (Querist)

22 September 2016 Last Year not Doing Tax Audit of the Books of Account, in the current year i pais 44000 by Cheque to a Contractor.
can i Liable to Dudect TDS on That Amt. ? Under section 194C ?
in the current year my Business is Coverd Under Tax Audit.

CA Sumiit B Nagpal

CA Sumiit B Nagpal (Expert)

23 September 2016 First of all i am assuming that you are an individual. Individual and HUF are required to deduct tax at source u/s 194C only if they were required to get their books of accounts audited as per section 44AB of Act. If you were liable for tax audit last year but you had not get it done and not filed the tax audit report, it does not absolve you from the responsibility of TDS. However, presuming that you were not liable for tax audit , you need not deduct any tax at source. The TDS is required to be deducted in case of contractors if a single payment exceeds Rs. 30,000/- or the aggregate of all small payments exceeds Rs. 75000/- during a single financial year.

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