Last Year ending 31-03-2012 an individual is liable to tax audit u/s 44 AB. this was his first year of Tax audit so he has not deducted the tax at source. In this year his total sale is only Rs. 57 lakh which is below tax audit limit.
Whether he is liable for TDS in this year or not?
And what is the case if he will file his return under section 44AD?
No TDS liability since his turnover is below tax audit limit
Please also mention status of tax payer is it individual, if Tax payer is individual no requirement to complaince with TDS provisions, unless assessee wan't to disclose his taxable income below 8% of turnover (section 44AD), in this case tax audit will be applicable (44AB) and accordingly TDS provisions is also applicable
In this year tax audit is not mandatory due to lesser turnover. But last year Assessee who is an individual has done his books audited u/s 44 AB. Because this was his first year of Audit he has not comply with TDS provisions.
What will to do in this year?
BANSAL YOGESH AND CO
Gautam Budh Nagar
B.Com
View Details
CAclubindia
