A proprietory concern was liable for tax audit for A.Y. 2006-07 and A.Y. 2007-08.
For A.Y. 2008-09, they are not liable for tax audit.Whether he need to deduct TDS for financial year 2008-09. i.e. for A.Y. 2009-10 since in the preceding financial there was no tax audit
Applicability of TAX AUDIT for Individuals in previous years will defenitely have an impact for deciding whether he has to deduct TDS or not..
The Provisions of Sec 194A,194C,194H,194I & 194J have been amended from June1,2002 to provide that an individual or HUF,whose total sales,turnover or gross reciepts from business or profession carried on by him exceeds the monetary limit of Sec 44AB during the financial year IMMEDIATELY PRECEEDING the financial year in which the income is to be creditted or paid,shall be liable to deduct TDS...
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