Tax audit
This query is : Resolved
03 August 2011
I AM HAVING TRANSPORT BUSINESS NOT FALLING UNDER SEC.44AE, I AM HAVING TURNOVER OF RS.45,00,000/- AND PROFIT LESS THAN 8%.
SHALL I DEDUCT TDS FOR THE YEAR AND NEXT YEAR
SHALL I DEDUCT TDS FOR THE YEAR AND NEXT YEAR
03 August 2011
Hi,
If you are not subject to tax audit and not covered u/s 44AE, then you need not to deduct tds if you are having proprietorship business. Regarding 8% declaration, it is applicable to 44AD cases and not to 44AE cases. Other experts views are welcome.
If you are not subject to tax audit and not covered u/s 44AE, then you need not to deduct tds if you are having proprietorship business. Regarding 8% declaration, it is applicable to 44AD cases and not to 44AE cases. Other experts views are welcome.
04 August 2011
i have transport business on contract basis , I dont own any vehicle so it attract tds applicability?
my turnover is 45 Lacs & profit is less than 8%
my turnover is 45 Lacs & profit is less than 8%
06 August 2011
Since u do not own vehicles, section 44AE does not apply vide CBDT circular 684 dated 10/06/1994.
Your business ,thus, is covered under section 44AD.If profit is less than 8% audit under section 44AB is mandatory.
However, turnover being less than Rs.60/- lakhs, TDS provisions does not apply for financial year 2011-12 provided turnover given is for financial year 2010-11.
Your business ,thus, is covered under section 44AD.If profit is less than 8% audit under section 44AB is mandatory.
However, turnover being less than Rs.60/- lakhs, TDS provisions does not apply for financial year 2011-12 provided turnover given is for financial year 2010-11.
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