tds

This query is : Resolved

P AGRAWAL (Querist)
Follow

14 March 2017 tds is dedicated by individuals/HUF if they are covered u/s 44AB in the previous financial year. but if an individual covered under 44AB in the f y say 2013/14 tds is deducted in fy 2024/15; but if same individuals is out of the ambit of sections 44AB in fy 2015/16 March ended 2016. whether tds is required to be deducted in fy 2016/17.

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

14 March 2017 TDS deduction is not related to any matter relating to the previous year. So if in the current financial year if the amount crosses the limit as mentioned in the respective section then TDS is need o be deducted compulsorily.

P AGRAWAL

P AGRAWAL (Querist)
Follow

14 March 2017 who is responsible to deduct tds u/s 94 C ...for individuals and huf whose total receipt or turnover from the business carried on by him exceeds the limit as prescribed u/s 44AB during the financial year immediately preceding the financial year in which such sum is paid or credited to contractors

Upgrade to CAclubindia Pro. Subscribe Now!

P AGRAWAL

P AGRAWAL (Querist)
Follow

14 March 2017 so my question is whether limit of 44AB be looked into. each year or if one assessse start deducting in any financial year, will go on continuous deducting tds irrespective of the fact that in any subsequent years his turnover falls below the limit u/s 44AB