An individual assessee having constuction contracts has not deducted TDS on the subcontract expenses as for last 2 years his receipts had not crossed 1 crore. (He was Audited in FY 10-11) But This year he crossed 1 crore. Should I disallow the expenses?
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Tax audit and tds
Replies (6)
Yes...........Expenses would be Disallowed
ACCORDING TO ME , THE EXPENSE WOULD BE DISALLOWED
Expenses will be disallowed for not deducting TDS as per the provision
And he will be called as assessee in default.
May be not deducted...
I think expenses would not be disallowed due to turnover in 2012-13 was not exceeding rs 100 lacs.
Any individuals and HUF whose total sales/turnover/receipts from the business/profession carried on by him in the immediately preceding financial year not exceeded the monetary limit specified under section 44AB(a) or (b) (i.e. it exceed Rs. 1,00,00,000 / 25,00,000, as the case may be), are not required to deduct tax at source.
| Originally posted by : kanh singh | ||
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I think expenses would not be disallowed due to turnover in 2012-13 was not exceeding rs 100 lacs. Any individuals and HUF whose total sales/turnover/receipts from the business/profession carried on by him in the immediately preceding financial year not exceeded the monetary limit specified under section 44AB(a) or (b) (i.e. it exceed Rs. 1,00,00,000 / 25,00,000, as the case may be), are not required to deduct tax at source. |
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I agree with you. I feel that only turnover for FY2012-13 year is considered to decide whether he should deduct TDS in FY 2013-14 even if he crosses 1Cr in 13-14.
I asked the same Q to experts and they have confirmed.
Thanks
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