Tds&tax audit

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2015 Dear Sir/ Madam,
One of my friend (as Individual) is engaged in the business of Trading and installation of supplied goods (separate billing and PO, not covered under Work Contract) of a Project company.

�For AY-12-13 Tax audit done u/s 44AB

For AY-13-14 no tax audit due to turnover below the prescribed limit.

For AY-14-15 Tax audit done u/s 44AB

For AY-15-16 turnover is Rs. 80 Lac.

�

�As in AY-2012-13 tax audit was done and in preceding year AY-2013-14 TDS provision applicable, but till today he has not applied for TAN.

As per market situation it seems he will not cross the limit as prescribed for Tax audit.

�

My query is as below:

A�� I want to know is he liable for tax audits u/s section 44AB or any other section for the AY-15-16

B�� In FY-15-16 (AY-2016-17) TDS provisions applicable on the same.

I mean for example he can claim Expenses for Professional charges from one person or firm above the threshold limit Rs. 30,000/-, he can pay above Rs. 75,000/- to any contractor without having TAN.

Waiting for your positive response.

�

Thanks in advance.

B.COM, ACA, DISA Namrata

B.COM, ACA, DISA Namrata (Expert)
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19 June 2015 Hello, TDS is required to be deducted by individual assesses only if they are covered under the provisions of Tax audit. However he should have obtained TAN no if he has deducted TDS earlier.

Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2015 Sir thank you for your comments
Till now he has not deducted any TDS and dont have TAN.
As per business situatioan his turnover not cross the limit thats why dont want to take TAN.
And not liable for tax audit also sir

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