Tds

This query is : Resolved

M.M.SURANA

M.M.SURANA (Querist)
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16 March 2018 Sir/Madam
A person having Sales TO above 1 C and less than 2 C and his net Profit is above 8% hence he need not to file audit Report u/s 44AB but my querry is that he has to deduct tax or not as per applicable provisions of the Act since TO is above 1C

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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16 March 2018 you have to consider Gross turnover to consider 8% without Tax audit.

RAJA P M

RAJA P M (Expert)
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16 March 2018 If he opt u/s 44AD (Presumptive Scheme) then Tax Audit not Required and No need deduct TDS...
If he can't opt u/s 44AD then he fall u/s 44AB and will be deduct TDS...

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M.M.SURANA

M.M.SURANA (Querist)
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19 March 2018 As I feel for required Gross TO for TDS is 1C, in case adopt 44AD, than need not to file 44AB report . but my query is for TDS if it cross 1 C and file u/s 44AD than as per ur reply TDS not require, in case if 44AB reoprt is filled than tax to be deducted . In continuation , 2nd point TO is less than 1C and Net profit is less than 8% and person is filling 44AB report, in this case person has to deduct tax. Pl clarify me

RAJA P M

RAJA P M (Expert)
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19 March 2018 Less than 1Cr Tax Audit not compulsory. So, TDS liability not mandatory.