Tds to be deducted or not?
This query is : Resolved
30 September 2013
IF INDIVIDUAL WAS IN AUDIT DURING THE PRECEDING PREVIOUS YEAR HAVING TURNOVER LESS THAN AMOUNT SPECIFIED IN SECTION 44AB BUT DUE TO INCOME IS LOWER THAN 8% SO HE HAD TO UNDERGO THROUGH TAX AUDIT. NOW QUESTION IS THAT DOES ASSESSEE REQUIRED TO DEDUCT TDS IN NEXT PREVIOUS YEAR?
THANX
THANX
30 September 2013
Pls complete your question. On which payment, TDS deduction you are asking about.
30 September 2013
As per the provision of the act, if during the last previous year the assessee is liable to tax audit under section 44AB then during the next PY the assessee have to deduct tax at source.
hence you are not liable to deduct TDS as audit conducted by you is under section other than Section 44AB.
hence you are not liable to deduct TDS as audit conducted by you is under section other than Section 44AB.
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30 September 2013
The Assessee is not liable to deduct TDS on the specified payments as he is not an audit case assessee u/s. 44AB.
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16 October 2013
No TDS is to be deducted as the same is applicable to Tax Audit and you are not covered under tax audit but you are to get your accounts audited as your net profit is below 8%
17 October 2013
No tds needs to be deducted in this case.
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