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tds deduction
I m in individual my turnover exceeds rs 1cr in Dec if I go for tax audit den do I have to deduct & pay tds on invoices of dates before Dec ? & within how many days I have to apply for Tan numb?
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First of all, TDS is required to be deducted mandatorily by all assessee for payments liable u/s. 192, 194B, 195 etc, even if the assessee being individual/huf.
Only in case of TDS u/s. 194A, 194C, 194H, 194I, 194J.......... TDS not required to be deducted till the individual/huf assessee is liable to Tax audit u/s 44AB in Preceeding Financial year......
So, your liability to deduct TDS for the above referred sections starts in next financial year, provided tax audit applicable in current year.....
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