14 April 2017
Dear Friends Last year FY 2015-16 one of my client(individual assesses) had turnover above of Rs.1. Cr. and Audit was done as per section 44 AB Now this year FY 2016-17 turnover is below 1 cr. and he has paid Car Hire charges to vendors of Rs. 50 Lakh Whether he is liable to deduct TDS as current year turnover is below 1 cr and audit is not applicable in current FY . Section only says TDS is applicable from next FY if prcedding FY turnover is above 1 cr and audit is done as per 44AB, but in my case audit is not applicable in current year. Thanks Jitesh
14 April 2017
Income tax authority right to disallow expenses if Tds not deducted, if you prepare ITR 4s declaring minimum u/s 44ad 8% on Gross Turnover you can take shelter non maintaining of records
CAclubindia
