10 August 2012
dear sir, my client has newly started his proprietorship business as on 01-04-2011 and for f.y year 11-12 is in audit .my query is that can t.d.s provision is applicable to him or not.
10 August 2012
TDS will be applicable if the the limits governed in section 192 to 194LA is crossed. IF the Payer is Individual or HUF not subject to tax audit under section 44AB in the immediately preceeding financial year than certain TDS sections will not be applicable on them. And in case of first year of business those sections will not be applicable