My client is new and was unware of TDS as it was his first year of business incorporation. He is now covered under audit. And that too he has not deducted TDS on any expenses on which he was liable to deduct.
Is there ant exception / exemption in Income Tax Act, which provides relief to proprietor to not to deduct tds is 1st year of business ?
17 August 2011
In the case of individuals, most of the TDS provisions attracts if in the immediately preceding year turn over crosses Rs.40/- lakhs. Pl check this situation with the respective tds sections in the cited issue.
CAclubindia
