Hello friends,
as it is stated in section 194 I that for payment of rent exceeding Rs. 120000 p.a. , TDS should be deducted but this provision does not apply to an individual whose turnover/gross receipts in the year immediately preceding the relevant previous year does not exceeds the limits specified under section 44AD.
NOw as per above, for the applicability of this provision in the A.Y. 2011-12, the turnover of the year ending on 31st march 2010 is to be compared with limits of 44AD. now the question is that what limits will be taken into account while comparing the turnover , the limits which are currently applicable i.e. RS. 60 lakh / 15 lakh or the limits which were applicable in the previous year i.e. Rs. 40 lakh/ RS. 10 lakh.????????
plz help
CAclubindia
