Tds if turnover above 1crore



hello friends m new to this forum
i have a jewellery business since 10 years.
this FY 2016-17 year my turover will b crossing 1 crore

1. do i have to take a TDS number is TDS aplicable i dont have a TDS number 
2. is audit required as i have heard that audit limit has been raise to 2 crore.

 
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KVO Merau Kutchh

1. TDS shall be applicable from next financial year, provided you come under tax audit as per section 44AB, for current year.

2. Turnover limit for tax audit has been raised only if you opt for section 44AD, otherwise in normal circumstances it is 1 Cr. only.

 
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Complaince of accounts and finance

you must have to apply for TAN no and deduct tds and file return as per rules.

 
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artice

Yes, as Dhirajlal said all is correct and you have to opt for TAN no. but remember one thing that only you have TAN doesn't mean you have to deduct TDS it will be in your favour to apply as early as possible for TAN so that when any transaction take place you can deduct TDS. and avoid hardship both side by you and client

Total likes : 1 times

 
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Consultant

I am agree with Mr. Rambhai Ji and also attract Central Excise Registration in this case otherwise facing huge problems in tis regard. 

 

 
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thnx

but is total turnover in a business is related to TDS

is there any rule that one has to apply for TAN if the total turnover exceeds 1 cr.

m saying turnover not INCOME

 
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Software developer

Sir, so if a person have turover of more than 1 crore and he files under section 44ad then do not have to deduct TDS?

 
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KVO Merau Kutchh

@ Vishal: TDS is indirectly related to Turnover. Once your turnover exceeds the specified limit as per Section 44AB.......... Tax audit becomes mandatory.  

Now as per different sections (other than salary, where it is otherwise) under which TDS is required to be deducted......... there is sub-clause  which states individuals/huf having tax audit u/s 44AB in preceeding year......... the section gets appicable.......

Thus TDS gets related to turnover...

 
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KVO Merau Kutchh

Originally posted by : Candidate Master
Sir, so if a person have turover of more than 1 crore and he files under section 44ad then do not have to deduct TDS?

 

When return filed u/s. 44AD, tax audit is not required u/s.44AB.... Right?

When section 44AB not attracted........ .. in next Financial Year, related TDS provisions also not attracted.......

 
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Software developer

Awesome, so I do not have deduct any TDS?

 
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