Audit u/s 44ab

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Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2013 is Annual maintenance contracts for computers and its peripherals liable for TDS.

gopal

gopal (Querist)
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31 August 2013 The party is doing commission business. The gross receipt of commission is of Rs. 9991000/- and receipt from investment is Rs. 25000/-. will it be covered under audit under section 44AB.

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Gopal Prajapati

CA Parul Saxena

CA Parul Saxena (Expert)
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31 August 2013 Yes AMC is liable for TDS under section 194C and Mr.gopal no need to conduct tax audit as taxable limit of 100 lacs is not covered.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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31 August 2013 Yes. TDS will apply on first case and tax audit will not apply on 2nd case

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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31 August 2013 For AMC tds u/s 194C is applicable
if deductee is Ind/Huf-1%
for others-2%
for non pan deductee - 20%

gopal

gopal (Querist)
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03 September 2013 If my business turnover is of Rs. 9999100 and receipt from investment is Rs. 25000. Whether consider as turnover of Rs. 100 lacs.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 September 2013 The ans is yes as the gross receipts means including the investment income the total gross amount u earned exceeds Rs100 lacs, tax audit is applicable.

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Audit u/s 44ab

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