Pooja Shah (Article) (66 Points)
21 August 2010The Assessee was in Tax Audit purview in A.Y.2009-10 but it was not in tax audit bracket in A.Y. 2010-11. Will the provision of TDS be applicable in A.Y. 2011-12 as per Income Tax Act, 1961?
As provision states that " The Assessee is liable to deduct TDS if it falls u/s 44AA and has to be audited in u/s 44AB in immediately preceeding previous year."
Pls reply & thanks.
Pooja.
Pooja Shah
(Article)
(66 Points)
Replied 21 August 2010
Please explain in brief for TDS Applicability.
NANDURI RAVI SURYA NARAYANA MU
(ACCOUNTANT)
(194 Points)
Replied 21 August 2010
For the entity while it is in tax audit or not, irrespective of the matter, but entity should provide TDS provisions as per the exceeding limit of the payments.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 21 August 2010
Hi Friends,
TDS provisions should be applicable to Individual only when in the Individual is liable for Tax audit in immediately preceeding previous year. Thus to determine the TDS applicability for PY 2010-2011, u have to see whether in PY 2009-2010 individual is liable for tax audit u/s 44AB. In u'r case mentioned, individual is not liable for Tax audit in PY 2009-2010, thus TDs provisions is not applicable for PY 2010-2011.
Regards,
Manoj
NANDURI RAVI SURYA NARAYANA MU
(ACCOUNTANT)
(194 Points)
Replied 21 August 2010
TDS provisions is applicable for every entity eventhough it is company also, so question about for TDS provisions only, not entities, every entities having TDS payble under the current liabilities for year ending.
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8310 Points)
Replied 21 August 2010
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