Vat tds

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2013 Dear Sir,
There is an assessee who is a sim card retailer and thereon he has received commission of Rs. 200000/- in FY 2012-13 and tds deducted is Rs. 20000/-.

After meeting business expences his net profit would be about 85000/-.

Whether he is liable to maintain a/c as he is out of Section 44AD due to commission income

or

He is not liable to maintain a/c from the purview of Sec. 40AA, as his gross recipts are below 10 lacs and net profit is below 1.20 lacs.

Please clarify.

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2013 Dear all,

What is the due date of VAT TDS on work contracts?
Is it 21st or 7th of next month?

Thanks.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

14 August 2013 1. He is not covered u/s 44AD since he is earning commission.

2. His gross receipts are less than Rs. 10 lakhs. However there is another condition in Section 44AA.

If Income exceeds Rs. 1.2 lakhs, then he is required to maintain books of accounts.

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