Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2018 Whether TDS on Interest etc is required to be deducted in case of Tax Audit of a firm done due to NP below 8% of Turnover ? However the turnover is below 1 crore.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 August 2018 No, TDS provisions not applicable in case of 44AD tax audit case.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 August 2018 Audit based TDS provisions is applicable to individual payees's only. Hence firm's
has to deduct if threshold limit is crossed.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2018 Turnover is below 1 crore in case of partnership firm but tax audit is being done due to NP below 8%.
So there is no need to deduct TDS on interest on unsecured loans.
Is it correct ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 August 2018 Not correct firm has to deduct TDS iirespective of turnover.

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2018 Bur Sir CA R SEETHARAMAN
You have earlier said that
No, TDS provisions not applicable in case of 44AD tax audit case.

What is the correct view sir,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 August 2018 Earlier view is for individual, in case of firm later view is right.