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tds deduction for first time tax audit


harshal Upadhyay   15 March 2018

harshal Upadhyay

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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.

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Dhirajlal Rambhia (KVO Merau Kutchh)     15 March 2018

Dhirajlal Rambhia
KVO Merau Kutchh 
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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.

https://www.caclubindia.com/experts/tds-provision-exemption-1467204.asp

https://www.caclubindia.com/forum/tds-deduction-during-the-first-year-of-tax-audit-in-case-of-an-individual-368066.asp

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bhupesh indravadan shah (propretior)     04 August 2018

bhupesh indravadan shah
propretior 
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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

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Dhirajlal Rambhia (KVO Merau Kutchh)     22 October 2018

Dhirajlal Rambhia
KVO Merau Kutchh 
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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.

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HEMA (STUDENT)     13 December 2018

HEMA
STUDENT 
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Sir .I have a doubt about ...if my books are audited under due to sec 44 AD then should I required to deduct tds ??

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Dhirajlal Rambhia (KVO Merau Kutchh)     13 December 2018

Dhirajlal Rambhia
KVO Merau Kutchh 
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What's your total turnover in preceeding year?

If below 1 Cr. No TDS deduction liability for sec. 194C, 194J, 194I etc.....

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jeyamurugan (B.COM)     24 May 2019

jeyamurugan
B.COM 
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Sir,

I am a partner in firm. Turnover is less than 2crore(AY19-20), Paying rent 2 lac. whether I need to deduct tds?


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