Hi,
If I have got my books of accounts audited, in the previous year, though the total turnover does not exceed Rs.60lacs, in order to be able to pay tax on less than 8% of Net Profit, will I be liable to deduct tax at source in the following year?
The words in the books are " an individual or HUF whose total sales, turnover or gross receipts form the business or profession carried on by him exceed the monetary limits specified u/s 44AB, during the F.Y. immediately preceeding the F.Y. in which the income is to be credited or paid, shall be liable to deduct tax".
Since my turnover has not exceeded the monetary limits specified u/s 44AB, I believe I am not required to deduct tax at source. Is it correct?
CAclubindia
