one of my assessee having turnover of 95 Lac in financial year 2015-16 and has got book of account audited. In the financial year 2016-17 turnover is 1.5 Cr whether assessee has to deduct tds for interest payments in financial year 2016-17 ?
TDS liability over individual/HUF u/s. 194A arises only if tax audit is applicable u/s. 44AB in immediately preceeding financial year. As the TO for the same has not been crossed, TDS liability (u/s. 194A) for FY 2016-17 does not arise.
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