04 February 2017
Hello Sir, I am stuck in bit of a situation here and whould really appreciate your advice in this matter.
A Proprietory Concern was under Audit u/s 44AB in A.Y.2016-17(F.Y.2015-16) and was closed down in the same year. A new Proprietory concern is started in A.Y.2017-18(F.Y.2016-17)( a different Business altogether in a different sector) which is liable to Audit in this A.Y. itself(Turnover above 1Cr.).
Should TDS to be deducted from Payments made in the New Business from A.Y.2017-18,i.e., the First Year itself?
Thanks in Advance.
04 February 2017
In case of prop concern income tax recognizes only the individual who owns such concern. Hence TDS applicable for the new business in the first year itself.
CAclubindia
