Applicability of tds section

This query is : Resolved

Kushal Khandelwal (Querist)
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30 April 2013 Does TDS sections are applicable to a unit who does not come under sec 44ab and has done audit because its net profit is below 8%?

Audit is done in previous assessment year 2012-2013 and still it comes under sec 44ad in this assessment year 2013-2014.

Please provide needful as early as possible.
Thank you.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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30 April 2013 Imp Note: TDS applicability based on audit is only for Individual or HUF & not for any other entity others are required to deduct TDS any how

if Tax Audit is done in Py then the person (indvidual/HUF) is responsible for deducting TDS.

but as in the next year the person is filing his income in presumption basis
therefore Section 40(ia) is not attracted

Kushal Khandelwal

Kushal Khandelwal (Querist)
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02 May 2013 As his income is below 8% of gross turnover, he opts for audit. For such a case is he required to comply with TDS provisions?

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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02 May 2013 Yes if he is opting for audit he is required to deduct TDS

Kushal Khandelwal

Kushal Khandelwal (Querist)
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02 May 2013 Okay Thank You.