A proprietor firm has come in to audit , first time in the financial year 2011-12, whether tds compulsory , or any exemption is there , because it is first time audit
02 June 2012
According to the provision of the Income Tax Act if during the previous year the books of accounts of proprietory firm is audited, then with effect from the 1st day of the following year the TDS provision would be applicable. For eg. If the books of accounts are supposed to be audited for the financial year 2011-12. Then TDS provision would be applicable with effect from 01-04-2012.
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