11 March 2016
One of my friend is proprietor in a proprietorship firm & the turnover to be projected Rs.80 Lacs around in F.Y. 2015-16 (65 Lacs in F.Y. 2014-15, NP Below 8%) & NP shall be below 8%. He has received a job work invoice of Rs. 85,000/- (Single invoice).
Should he deducted TDS u/s 94-C as he shall get his accounts audited u/s 44AD.
Please advise. Its urgent sir, I have not received any positive response from any professional.
27 March 2016
Dear You are not required to deduct tds on amount rs 85000. Section 194 c says a individual is required to deduct tds if he is liable to audit under clause (a)or clause (b) od section 44ab. But in your case as sale was less then 1cr audit was done under clause (d) of section 44ab. Hence no requirement to deduct tds.
27 March 2016
Dear You are not required to deduct tds on amount rs 85000. Section 194 c says a individual is required to deduct tds if he is liable to audit under clause (a)or clause (b) od section 44ab. But in your case as sale was less then 1cr audit was done under clause (d) of section 44ab. Hence no requirement to deduct tds.
CAclubindia
