A person engaged in business whose gross receipts, turnover exceeds 1 cr, is liable to audit u/s 44AB and hence 194C will be applicable.
However, if a person opts for presumptive taxation u/s 44AD the limit is 2 cr and further is not required to get audited as per section 44AB. As such, 194C will be applicable to such person or not?
Menu
TDS applicability
Replies (4)
It will definitely be applicable, but in next financial year.
Urgent reply will be appreciated
Already replied.
TDS liability arises in next/following year, when gross turn over exceeds 1 Cr in PY, even though income of PY declared under presumptive assessment.
As per my knowledge, and as per recent amendment 44AB does not apply to such person who file Income tax on the basis of sub section 1 of 44AD.
Further, as per 194C it is applicable to those individuals who is liable to audit u/s 44AB
As such, I think there will be no requirement to deduct TDS in current year as well as following years
Further, as per 194C it is applicable to those individuals who is liable to audit u/s 44AB
As such, I think there will be no requirement to deduct TDS in current year as well as following years
Recent Threads
- E filing thr net banking for AY2025-26
- PROPERTY REPORTING IN ITR
- F&o profit or loss can show a government emplo
- Tax Query for FY 2024-25
- ITR Offline JSON Utility not showing saved drafts
- Incometax port8 not working
- U4gm-Leveling an Amazon Build with Lightning Spear
- 44ADA income declaration
- Taxation of RSU sold of foreign listed entity by e
- Form26QB in case of death of joint owner (seller)
Related Threads
CAclubindia
