harshal Upadhyay 15 March 2018
Under which section of the Income-Tax Act is there an exemption for a new case of Tax Audit (Who has previously never been subject to tax audit) ? Is it applicable to an HUF and an individual? Under Section 44AB, there is mention of a previous year, but in the first year of applicability there is no previous year of tax audit, so please do clarify this point. It is rather urgent, thanks in advnce.
Dhirajlal Rambhia (KVO Merau Kutchh) 15 March 2018
An Individuals or an H.U.F. is not liable to deduct TDS on such payment except where the individual or H.U.F. is carrying on a business/profession where accounts are required to be audited u/s 44AB, in the immediately preceding financial year.
A person is liable to get its accounts audited u/s 44AB if during the relevant financial year its gross sales, turnover or gross receipts exceeds Rs. 1 Crore applicable form A.y 2013-14 in case of a business, or Rs. 50 lacs from Assessment year 2017-18 in case of a profession.
bhupesh indravadan shah (propretior) 04 August 2018
i am professional and i have paid rs 2 Lcks Rent of shop i have in first time audit my professional income is 40 lacs i have paid the tds or cut tds on rent pl give me reply
Dhirajlal Rambhia (KVO Merau Kutchh) 22 October 2018
Sorry to declare that I do not follow any thread, and hence missed the following query.
Well, if you are individual assessee, and having professional turnover of 40 lakhs, not liable for audit u/s. 44AB(b), as total receipts do not cross 50 lakhs, as such no TDS liability.
Even if audited u/s. 44 AB(d), the TDS liability do not arise for following year.