Tds/tcs for below 1 crore turnover

TDS 510 views 2 replies
Dear Club Members ,
 
a proprietorship concern deducting TCS on scrap till 31.03.2014 and TDS on other payments ,since last 6 years.
 
Now in FY 2013-14 its turnover falls to 80 lakh and it is not in ambit of 44AB audit for FY 2013-14.
 
can it stop deducting TCS/TDS and stop filing TCS quraterly returns w.e.f 1.4.2014 as it is not seller under TCS provisions and TDS proviosn also not applicable to it.

 
Replies (2)

No. TDS and TCS provision will not apply as in the previous year you were not subject to tax audit.

now stop deducted tds and not file the tds return because you are not liable to deduct the tds


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register