Tds to be deducted or not?

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patel chetan m. (Querist)
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30 September 2013 IF INDIVIDUAL WAS IN AUDIT DURING THE PRECEDING PREVIOUS YEAR HAVING TURNOVER LESS THAN AMOUNT SPECIFIED IN SECTION 44AB BUT DUE TO INCOME IS LOWER THAN 8% SO HE HAD TO UNDERGO THROUGH TAX AUDIT. NOW QUESTION IS THAT DOES ASSESSEE REQUIRED TO DEDUCT TDS IN NEXT PREVIOUS YEAR?

THANX

HIREN

HIREN (Expert)
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30 September 2013 Pls complete your question. On which payment, TDS deduction you are asking about.

CA Harish Shyam Choudhary

CA Harish Shyam Choudhary (Expert)
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30 September 2013 As per the provision of the act, if during the last previous year the assessee is liable to tax audit under section 44AB then during the next PY the assessee have to deduct tax at source.

hence you are not liable to deduct TDS as audit conducted by you is under section other than Section 44AB.

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CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
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30 September 2013 The Assessee is not liable to deduct TDS on the specified payments as he is not an audit case assessee u/s. 44AB.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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16 October 2013 No TDS is to be deducted as the same is applicable to Tax Audit and you are not covered under tax audit but you are to get your accounts audited as your net profit is below 8%