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Tds provision applicability

Rupali Birla (Partner) (29 Points)

02 December 2011

I just want to know that when a person comes into tax audit bracket , from next year onwards he is liable to deduct TDS .But if suppose next year , he comes out of the tax audit bracket, will he be liable to deduct TDS in the year following the year in which he went out of the tax audit bracket.

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10 Replies

coachoutlet (coach) (29 Points)
Replied 02 December 2011

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CA Devender Chauhan (Group Financial Accountant) (1526 Points)
Replied 02 December 2011

As per my understanding, TDS provisions in case of an individual is applicable if the individual is liable for audit u/s 44AB in the previous year. In case the assessee is not liable for audit u/s 44AB in previous year TDS provisions will not applicable in Subsequent year.

But there are some exeptions to it e.g. TDS on Contractor, TDS on payments made to non - resident........

p v s sudhir kumar (0) (48 Points)
Replied 02 December 2011

Regarding my veiw TDS Provisions will be applicable for every one but, the criteria is only the nature of transaction and financial interest involoved which come under Sec. 194c, 194I, etc., like that

VISHAL SINGH (Chartered Accountant) (71 Points)
Replied 02 December 2011

@ DS Chauhan , For your information as per explanation to Section 194C,Individual & HUF are covered under TDS provision,only if they are liable to audit accounts in the preceding financial year.

CA yogesh jain (job) (53 Points)
Replied 02 December 2011

The audit criteria for deducting tds is checked only for individual and huf not for ALL PERSON,and also some section of tds not all section of tds plz specify the exact section on which u required clarification. suppose individual & HUF in financial year 2010-2011 a person is liable for audit, then only in f/y 2011-12 he is liable to deduct TDS.

CA PRASHANT KR MISHRA (AS A MEMBER IN CA FIRM) (249 Points)
Replied 02 December 2011

YES ONCE HE STARTS DEDUCTING TDS,

HE CANNOT DENY TO DEDUCT TDS

EVEN IF HE COMESOUT OF TAX AUDIT BRACKET

CA SOHAM SHUKLA (Nil) (157 Points)
Replied 02 December 2011

In sections such as 194I, 194J etc. it has been provided that " Where the payer is an Ind/HUF, the applicability of this section arises only if their sales etc exceeds the limits prescerbed u/s 44AB in the immediately preceding FY"

Thus the section itself gives the answer to ur question. The person is required to deduct TDS only if the turnover etc exceeds the prescribed limit in the PFY.

CA Devender Chauhan (Group Financial Accountant) (1526 Points)
Replied 03 December 2011

Originally posted by : VISHAL SINGH
	@ DS Chauhan , For your information as per explanation to Section 194C,Individual & HUF are covered under TDS provision,only if they are liable to audit accounts in the preceding financial year.