Turnover is less then 1 crore but audited..tds deduction ?

Save Share

This query is : Resolved

Vijay Jain (Querist)

08 July 2015 Hello if any business having Turnover less then 1 crore BT shud be audited BT paying rent for building fr business more then 180000 yearly so TDS deduction is necessary or not ?

Nikhil Kaushik

Nikhil Kaushik (Expert)

08 July 2015 no. TDS is not applicable just because audit has been done. only where turnover crosses Rs 1 cr for business or 1 cr for profession, TDS becomes applicable

Prakash Kochar

Prakash Kochar (Expert)

10 July 2015 Status of the assessee is to be consider. If assessee is other than individual or HUF it attracts TDS provisions.
In case of individual or HUF or AOP, BOI other than those falling under cl. (a)(k) of expl. (i) to sect. 194C, is liable to tax audit u/s. 44AB (a)/(b) during the financial year immediately preceding the financial year in which such sum is credited or paid, shall be liable to deduct income tax u/s. 194C.

Nikhil Kaushik

Nikhil Kaushik (Expert)

10 July 2015 Prakash,

if assessee is other than Individual or HUF, then TDS applies anyways...

Prakash Kochar

Prakash Kochar (Expert)

10 July 2015 Mr. kaushish, I have already mentioned in my opening lines that, TDS is applicable for other than individuals& HUF etc.

Kindly consider reply.

Nikhil Kaushik

Nikhil Kaushik (Expert)

10 July 2015 exactly my point. that it is an obvious fact

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now