Whether TDS is required to be deducted for FY 2012-13 where Assessee is not liable to Audit u/s 44AB, as turnover is below Rs.1 Crore?
However for F.Y 2011-12, Audit was conducted u/s 44AB, as turnover was above limit of Rs.60 Lakhs.
Pls Advise, whether to deduct TDS on INTEREST on Loans & Advances for FY 2012-13 or not?
Yes. TDS is required to be deducted. Here the position of Audit of last year is considered.
tds is to be deducted, the tax audit is not the be seen here, if the conditions are satisfied then tds is to be deducted.
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