TDS DEDUCTION LIABILITY FALLS ON WHAT TURNOVER FOR INDIVIDUAL FIRM, PROFESSIONAL & COMPANY. IN CASE OF INDIVIDUAL FIRM AUDITED AFTER YEAR TDS DEDUCTION LIABILITY FALL OR WHAT ELSE PLS GIVE CLARIFICATOIN ????
5 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 06 March 2017
"IN CASE OF INDIVIDUAL FIRM AUDITED AFTER YEAR TDS DEDUCTION LIABILITY FALL OR WHAT?"
Yes, any individual whose accounts were audited in preceeding year, is liable to deduct TDS from next financial year.
VIPINKUMAR K TIWARI
(Financial Professional)
(196 Points)
Replied 06 March 2017
I also wanted to know what turnover for different assesee audit requirement falls.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 06 March 2017
For AY 2013-14 upto 2016-17
For person carrying on Business:: total sales, turnover or gross receipts are more than Rs. 1 crore
For person carrying on Profession:: gross receipts are more than Rs. 25 crore
VIPINKUMAR K TIWARI
(Financial Professional)
(196 Points)
Replied 06 March 2017
thanks.......... its ....done
Madden Jorge
(8 Points)
Replied 17 August 2022
More than Rs. 1 crore in annual sales, turnover or gross revenues qualifies a person as a business owner.
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