Liability of tds
This query is : Resolved
10 October 2016
In F.Y. 2015-16 turnover of Individual assessee was less than rs. 1crore but to show profit less than 8%, account was audited u/s 44ab
Is there liability to deduct tax in F.Y.16-17?
10 October 2016
No, liability to TDS arises only when turnover exceeds 1 crore and based on which 44AB is applicable.
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