17 March 2012
An assessee (proprietor)in FY 09-10 was liable for tax audit and same was conducted. In F Y 2010-11, he is not laible for tax audit. But he has made labour payment of Rs. 2 lakhs to a contractor and it is attracting TDS under 194C. whether he will be allowed this labour payment or TDS will be needed to deducted
17 March 2012
when u r not liable for Tax Audit presumptive tax rate is applicale i.e., 8% in that case, Allowance of expense is irrelevent so TDS is not required to be deducted.
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