If any proprietor is falling under tax audit for the first time then TDS provisions are required to be fulfilled or not?? kindly give me justification with section.
25 February 2014
TDS provisions provide that an individual who was required to get his accounts audited in the PREVIOUS YEAR is required to deduct TDS.
An individual who becomes liable for tax audit is, say, 2013-14 is NOT required to deduct TDS in the FY 2013-14 because he was NOT required to get his accounts audited in the FY 2012-13.
He will be required to deduct TDS in the FY 2014-15.
CAclubindia
