Turnover is less then 1 crore but audited..tds deduction ?
This query is : Resolved
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 ?
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
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.
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.
10 July 2015
Prakash,
if assessee is other than Individual or HUF, then TDS applies anyways...
if assessee is other than Individual or HUF, then TDS applies anyways...
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.
Kindly consider reply.
10 July 2015
exactly my point. that it is an obvious fact
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