13 March 2017
one of my assessee having turnover of 95 Lac in financial year 2015-16 and has got book of account audited. In the financial year 2016-17 turnover is 1.5 Cr whether assessee has to deduct tds for interest payments in financial year 2016-17 ?
13 March 2017
As per the provision an Individual or HUF is required to deduct TDS on specific amount where the individual or H.U.F. is carrying on a business/profession whose accounts are required to be audited u/s 44AB,in the immediately preceding financial year.
Since your audit was not done u/s 44AB (Turnover limit was 100 Lacs as per the section) so no liability of TDS deduction.
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