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.
M N Rao & Associates LLP
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CA Inter
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B.Com
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Pro
CAclubindia
