Nirmit Choraria (CA Final) (1333 Points)
14 June 2012Can anyone with proper refrence clarify the liabilty of TDS. ie when a person is liable to dedcute TDS and deposite with govt
1. First year of audit..........not liabilty
2. in the First quater of business the turnower exceed 1 crore..yes or not
Please support you answers with refrence urgent help required..
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 14 June 2012
If in the last year the assessee was liable to tax audit, he will have to deduct TDS.
Hence, in the first year there is no need to deduct tax.
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