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 ?
TDS liability
(Guest)
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 30 July 2011
| 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
Shreya Aggarwal
(Student)
(125 Points)
Replied 31 July 2011
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.
vikas jain
(ca student)
(40 Points)
Replied 01 August 2011
| 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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