Tcs related
This query is : Resolved
01 January 2015
Whether TCS Deduction liability generated to Supplier if turnover less then 1 crore but he claims profit less then 8% i.e. if he challenges 44AD ?
01 January 2015
The provisions of deduction and collection of tax are to be complied by an individual or huf if their books were audited in previous financial year. So whether the audit was due to lower declaration of profit or not is irrelevant.
01 January 2015
Thanks Mr. Ketan it means previous year status is relevent for that liability but a single confusion is there that turnover is relevent or attraction of sec. 44AB is relevent ?
02 January 2015
In such cases attraction of section 44AB is relevant since in tds provisions section under which books of accounts are audited is not mentioned.
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02 January 2015
Thanks for your valuable suggestion.
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