24 June 2016
Hi, I have query about TDS. If an individual carrying 3-4 business his turnover is below 1 crore is he liable to deduct TDS or not? also previous year turnover is also below 1 crore Is coaching institute comes under profession ? what is limit for coaching class for tax audit?(service tax no. is available) Carrying Business : 1 contruction, 2 coaching institute, 3 Wind power & Other.
24 June 2016
in f y 2015-16 for professional Rs. 25 lacs for business Rs. 1 Crore
for F y 2016-17 its for professional RS. 50 lacs for business and for 44AD its limit Rs. 2 crores and otherwise Rs. 1 crores.
if you are not liable to audit u/s 44AB in last year then no TDS deduction required in current year. for construction and wind its Rs. for business and coaching centre its as professional.
24 June 2016
But he is not teaching there he had an employee who conduct the batches so as per my view this is business not a profession ? Is this right?
CAclubindia
