27 May 2011
For the Financial year : 2010-11, I have turnover of Rs.50,00,000/-. As I am quoting profit less than 8%, I have to get my book audited. Now my point is that as I have not tax audited u/s.44AB, for financial year : 2011-12 provision of TDS applicable. If yes, how and in which sections.
27 May 2011
in the case of individual and huf, if turnover is exceed the limit specified u/s 44AB i.e. Rs. 6000000 for FY 2010-11, than TDS provision is applicable from next succeeding year. here your turnover is only Rs .5000000/-, you are not liable to audit u/s44AB so TDS provision is not applicable for FY 2011-12
27 May 2011
TDS provisions are generally applicable to the cases covered 1. under clause (a) (Turnover limit 60.00 lacs) 2. and Clause (b) (Gross Receipts in profession 15.00 lacs)
of the section 44AB. * The Tax Audit below 60 lakh turnover as prescribed in Section 44AD, has been mentioned in clause (d) of the Section 44AB * Hence TDS provisions will not apply to the assessees covered by Tax Audit Section 44AB(d)