If Turnover of any individual does not exceed One Crore Rupees in case of a business in prceding financial year, Then such individual does fall within the meaning of "specified person", Thereby there is no liability to deduct tax at source eventhough aggregate of payments to contractor exceeds Rupees 75,000.
NO,
since Mrs X ( invidual) turnover from bussiness does not exceed 1 cr that means she did'nt have the liability of tax audit during the PFY which ultimately means she is not the " specified person " who are required to deduct TDS u/s 194C.
Yes Mr. Tarpania, I meant the same only. The "required NOT" was not typed at "required place" after "such individual does".
If Turnover of any individual does not exceed One Crore Rupees in case of a business in prceding financial year, Then such individual does not fall within the meaning of "specified person", Thereby there is no liability to deduct tax at source eventhough aggregate of payments to contractor exceeds Rupees 75,000.
Thanks for your required observation.
No TDS Liability arise if turnover in last year do not exceed Rs. 1 crore.
Liability to deduct tax at source u/s 194C in the case of an individual arises only when he/she was subject to tax audit u/s 44AB during the financial year immediately preceeding the financial year in which sum is credited/ paid to the contractor;
So in your case since turnover in preceeding year was less than Rs.1 crore, no liability to deduct tax at source u/s 194C shall arise in the previous year.
| Originally posted by : Ravi Soni | ||
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Yes Mr. Tarpania, I meant the same only. The "required NOT" was not typed at "required place" after "such individual does". If Turnover of any individual does not exceed One Crore Rupees in case of a business in prceding financial year, Then such individual does not fall within the meaning of "specified person", Thereby there is no liability to deduct tax at source eventhough aggregate of payments to contractor exceeds Rupees 75,000. Thanks for your required observation. |
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DON'T take me as rude but i NOTICED PERFECTLY what you typed . i just want to specify the point of "tax audit requirement " as per section . moreover my " NO " is not the comment on what you said my " NO" is the answer of the query.
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