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Regarding deduction of tds
Hello ,
An assessee who is required to get audit his books of accounts in the F.Y. 2015-16 due to his profit less than 8% (44AD Audit) but his T/o in F.y. 2016-17 more than 1 cr . then it is compulsory for him to take TAN & Deduct Tds for the F.Y. 2016-17 ?
Replies (1)
CBDT press release dated 20.06.2016 clarifying that higher threshold limit for non-audit of accounts has been given only to assesses opting for presumptive taxation scheme u/s 44AD of the Act. In other words, it means that turnover / total sales / gross receipt level fixed to be greater than Rs.1 crore attracting tax audit provisions u/s 44AB of the Act still prevails.
As per applicability of provision u/s. 44AB(a)(b), hence TDS provisions shall apply in succeeding year.
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