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?

Sanket Shah

Sanket Shah (Expert)
Follow

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?

Upgrade to CAclubindia Pro. Subscribe Now!

Sanket Shah

Sanket Shah (Expert)
Follow

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.

Message likes : 1 times