Liability to deduct tds

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sameer kumar agrawal (Querist)
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23 July 2014 sir,
the turnover of my client which is a proprietorship firm during F.Y.2013-14 was rs. 80,00,000 and profit margin was only 2%. therefore provision of sec. 44AD is attract and he is liable to get audited u/s 44AB. He pay rs. 50,000 of shop rent.

my question is that he is liable to deduct TDS during f.y. 2014-15 on making payment of shop rent.???

but on the other hand provision of sec. 194I says that a person lialble to deduct TDS only when his turnover was over 1 crore.

sir i am totally confused. please give your suggestion.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 July 2014 no. audit because of lesser profit under 44AD wont mean that you need to comply to TDS regulations. that will happen only when turnover crosses 44AB limits

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