TDS Liability-Urgent
Querist : Anonymous
What in case he is liable to get his accounts audited u/s 44AD
Applicability of TDS provisions depends on the Turnover during previous year.
Querist : Anonymous
so even if assesse has no other payments on which required to deduct TDS? he is required to report/disclose the payment made to transporters of whom he obtained PAN
& if the Turnover is less than the required limit for taxa audit... no audit is required.
Hence...TDS provisions would not be attracted.
Querist : Anonymous
So in clear terms he is required to get his accounts audited/.
An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.60,00,000 in case of business & Rs.15,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J.So no tax is deductible by HUF/Individual in first year of operations of business even sales/Fees is more than 60/15 Lakh.
Querist : Anonymous
Now from Ay-2011-12 Audit is mandatory even for Individual & Hufs if they are shoeing less than 8% of sales, even if sales are less than 60 lakhs ,please come to the point???
Please see carefully....the condition is ...audit under section 44AB (which is turnover based).... so in your case TDS will not apply.
Only if, audit under section 44AB was done for last year, then only TDS would apply in the current year.
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