Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2012
If any individual is having income from salary Rs 80 Lacs and income from business Rs 34 Lacs. Is he liable for deducting TDS on payments made to vendors / contractors?
04 May 2012
Dear friend, let me clarify that an individual is liable to deduct tax only if he is liable to audit u/s44AB in previous year. for that criteria is business turnover should exceed Rs.60lacs. you said that business income is Rs34 lac. pls clarify whether it is net profit from business or gross turnover?
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 May 2012
Sanket ji, thanks for your comments. Rs 34 Lacs is net profit. The gross business turnover is Rs 58 Lacs and income from Salary is Rs 80 Lacs. What will happen in this case?
05 May 2012
considering that there is no dispute regarding business turnover with respect to inclusion of sales tax in turnover, you case is not covered under tax audit u/s44AB. In your there is no liability to deduct tax.
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