A proprietory concern had below auditable turnover for last 3 years. This year crossed turnover of 1 crore in Feb 2015. Whether TDS provisions will apply for FY 2014-15? Interest/ penalty provisions would apply sice last 3 quaters returns not filed? Is there any way out?
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Proprietor -l/y no audit. audit this year tds?
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Dear Sir
Since you are a proprietory concern and your turnover has crossed in Feb 2015 the statutory limit for deduction of TDS as u told, No Need to file tds return for earlier quarter (Q-1, Q-2 & Q-3 ) b.coj you were not eligible to deduct tds.
Just simply apply for TAN no. and start deduct TDS from Feb 2015.
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