Tds

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Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2012 If I don not come under Tax audit then I will be not deduct TDS of anybody.

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2012 I purchase the metrial for Export. In the Invoice the purchaser is mention material value and packing charges seprately so I will book full purchase or seprately as per below.

Party cr. 1100
Purchase dr. 1000
Packing charges dr. 100

Party cr.1100
Purchase dr.1100

What process is nearest well. pls revert.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 May 2012 Who is liable to deduct: Any person other than individual and Hindu Undivided Family. However, individual and HUF are also covered if they are liable to get their accounts audited u/s 44AB. In other words, individual and HUF, if their gross receipts/turnover exceed the limits specified in section 44AB, are also liable to deduct tax at source from payments they make.

So you are not required to deduct TDS.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 May 2012 Regarding purchase. yes its is good to book both separately.

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2012 this F.Y. (12-13) my turnover will be under 1 crore then I will deduct TDS or not.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 May 2012 For FY 2012-13 Tax Audit Limit is Rs 100 lakh for business, So tax audit not applicable to you. Even if tax audit was applicable you were to deduct TDS from next Fy 2013-14.

TDS deduction required from the next year onward once tax audit is applicable.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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02 May 2012 AGREE WITH ABOVE EXPERT..

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2012 I serve the facilities to Foreigner like when they come in India then hotel booking, travel booking etc and against this they transfer amt. in account so now I want to know that I need of registration in FEMA and FCRA or not so pls suggest me on this that what process is smooth of foregion Inward.

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