One of My Assesse having turnover for FY 2017 - 18 Amounting RS. 1.35cr and has filled return AY for 2018-19 under sec 44AD not getting book of account audited by CA.
whether my assesse need to deduct tds for interest payment amounting RS . 50000/- in AY 2019-20.
Yes....
Turnover of FY 2017-18....... was 1.35 Cr (and not 35 Cr), while limit under Sec. 44AD for business is 2.00 Crs........ so tax audit liability will not arise, when opted for sec. 44AD.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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