An individual is having a turnover from eligible business under 44AD of Rs 1.5 Crore in the previous year on which he declares his income @ 8% of turnover. In the current year, he does some trading in futures and options and there is an interest charged by the Stock Broker to the tune of Rs 50000 ( small amounts debited in the account on daily basis). Since there is NO Tax Audit: 1. Is the Individual required to deduct TDS. 2. If YES then, since the amount is already deducted by the broker by debiting the individuals account, How should the TDS be deducted and claimed?
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Individuals/HUF liability to deduct TDS
Replies (2)
Quick Summary
Tds provisions not applicable..
An individual with Rs 1.5 crore turnover under 44AD:
• TDS liability for individuals or HUFs under 194A, 194C, 194H, 194I and 194J arises if business turnover exceeded Rs 1 crore (or professional receipts Rs 50 lakh) in the preceding FY. Turnover of Rs 1.5 crore exceeds Rs 1 crore, so TDS applies in the current year, even if you're under 44AD (no audit).
• The test is turnover, not audit status.
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