Whether liable to deduct tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2018 I have a Firm and for the F.Y 2017-18 I have a loss so that I have to get my books of accounts to be audited. Whereas my turnover is less than 1 Cr shall I be liable to deduct TDS as I'm liable to audit??

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Thiyagarajan Kandasamy

Thiyagarajan Kandasamy (Expert)
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03 August 2018 if any individual, Firm, or company having less than 1 cr turnover no need to deduct the TDS and no TAX AUDIT required.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2018 thank you for the reply sir, but the firm has loss thereby it attracts to audit u/s 44AB. in that case whether i need to deduct TDS even when my turnover is lessthan 1 cr.

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Thiyagarajan Kandasamy

Thiyagarajan Kandasamy (Expert)
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04 August 2018 NO THAT IS WHY I AM TELLING IF TURNOVER IS LESS THAN 1 CR no need to deduct the TDS