Dear Sir.,
This is Srikanth ,Article Assistant from Raichur, Karnataka. I want to know the circular related to tds not applicable for the individual to whom First time Audit U/s 44Ab of income tax act 1961 applicable, TDS is not required to deduct to TDS. Please Help me. advance thanku
Read the relevant TDS sections. It is mentioned in the sections only.
For eg: in 194J states as under:
22[Provided further that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such sum by way of fees for professional services or technical services is credited or paid, shall be liable to deduct income-tax under this section :]
Rahul Dang & Associates-Chartered Accountants
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CAclubindia
