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?
Menu
Tds deducted by individual whose turnover is less than 1 cr.
Replies (1)
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.
Recent Threads
- Returning the shares gifted by daughter?
- Gst tax rate
- Accounting of Govt Grant in aid-Assam Tea Estate
- Utilizing Capital gains in new home construction
- Hi i have some doubt about my microsoft exam?
- Period of holding of residential flat and its acqu
- ITRs for AY 2025-26 filed in September 2025 not pr
- Heard & Seen Around – Your Daily Economi
- Best NISM course for an Accountant
- Calculate IT on LTCG AND STCG for the FY 2025-26
Related Threads
CAclubindia
