One of my Client has turnover less than 1 crore this year. Last year he filed his return u/s 44AD. But this year he maintened proper book of account & wnat to file ITR 4 Inseteaf of 4S & want to audit his book of accounts u/s 44AB. Now my question is that, should he deduct TDS on Interest Paid on Unsecured Loan? As per my opinion he is not liable to dedut tax beacuse his turnover is less than 1 crore. Pls suggest am i right?
Yes, the tds need not be deducted as the turnover is less than 1 crore. Here I would like to tell you that even if the turnover was more than 1 crore than also liability to deduct tds would not have arose in the current financial year but in the next financial year.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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