29 September 2010
i need extract from act where it is stated TDS need not be deducted in 1st yr of 44AB audit. is it applicable for all type of assessees or only indiv/HUF?
is it also like TDS deduc comes into picture only if u r under tax audit or gen must deduc on basis of exceeding limits specified in the respective TDS related sections?
29 September 2010
You are right.. TDS should be deducted in c.y. if 44AB was applicable last year. In case of 1st year of 44AB, TDS will have to be made on expenditures in next year.
CAclubindia
