Dear all,
Can anyone let me know whether TDS is deductible to an assesse being in audit for the first time i.e. 44AB applicable? if not then under which section he is exempeted to deduct TDS ?
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TDS liability
Replies (6)
Disha is Right..
| Originally posted by : Disha Bhawnani | ||
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As per my knowledge, the liability to deduct TDS is on any person except individual and HUF. however, individuals and HUF are also covered by liability to deduct tax at source if - their books are required to be audited under section 44AB during the immediately preceding financial year |
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yes agreed
As per my knowledge, the assessees (propreitorship and partnership firms) don't deduct TDS in the first year of their audit. Like if their accounting books are being audited for F.Y. 2010-11 for the first time, TDS provisions won't be applicable to them for F.Y. 2010-11. But from next year onwards they have to deduct TDS and collect TCS as per Income Tax Act.
| Originally posted by : Shreya Aggarwal | ||
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As per my knowledge, the assessees (propreitorship and partnership firms) don't deduct TDS in the first year of their audit. Like if their accounting books are being audited for F.Y. 2010-11 for the first time, TDS provisions won't be applicable to them for F.Y. 2010-11. But from next year onwards they have to deduct TDS and collect TCS as per Income Tax Act. |
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