CA Parveen Jain (Chartered Accountant ) (355 Points)
09 October 2018If assessee Turnover is Rs. 1,75,00,000, & his profit is below 8 %, then can he avoid TDS Deduction by having audit u/s 44AB(e) as provisions of TDS is applicable only for Section 44AB(a) & 44AB(b)
Please provide answer with references.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183048 Points)
Replied 09 October 2018
TDS deduction liability cannot be avoided as turnover exceeds 1Cr. (Tax liability LIMIT u/s. 44AB)
CA Parveen Jain
(Chartered Accountant )
(355 Points)
Replied 09 October 2018
| Originally posted by : Dhirajlal Rambhia | ||
 |
TDS deduction liability cannot be avoided as turnover exceeds 1Cr. (Tax liability LIMIT u/s. 44AB) |  |
Sir I agree with your Answer but if in above case can we file return u/s 44AB(e) claiming less income than deemed suppose 5% or we have to file in 44AB(a)
Second Case:
if my Turnover is 95 Lakh & I file return u/s 44AB(e) then also I have to do TDS compliance for next year or it is applicable only for 44AB(a) & b
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183048 Points)
Replied 09 October 2018
1. Here the difference is only section applicable for tax audit, be it 44AB(a) or sec. 44AB(e). sec 44AD would be helpful only if you can declare profit margin of 6/8% of TO, to avoid tax audit.
2. If you have selected sec. 44AD for TO 95 lakhs, no TDS liability arises in following year.
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