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Regarding business under 44ad of income tax
sir if a person doing business and filed itr under 44AD of income tax act.and he is not maintained books of account. he paid Rs. 150000 to contractor for doing job work.
i want to ask can he paid Rs. 1,50,000 to contractor in cash. or it is necceesary to pay by cheque.
also is there any liability to deduct TDS before payment to contractor.
Replies (2)
assessee is required to pay by cheque otherwise the expense will not allowed and no need to deduct tds as his books of accounts was not audited last year.
assessee is required to pay by cheque otherwise the expense will not allowed and no need to deduct tds as his books of accounts was not audited last year.
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