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TDS liability

rocky (accountant) (953 Points)

19 April 2018

assesse was required to be audited u/s 44AB in f.y. 2016-17 , so he deducted TDS and paid.. but in year 2017-18, he is not required to be audited, because his business is closed... Is he required to deduct and pay TDS in 2017-18

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6 Replies

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 19 April 2018

Yes... TDS ll be deduct if PY opt u/s 44AB...

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CA Rashmi Gandhi (Chartered Accountant) (86461 Points)
Replied 19 April 2018

Yes you have to as you are audited u/s 44AB in last A.Y.

CA VIRAL SANGHVI (Finance head) (681 Points)
Replied 19 April 2018

For the purpose of TDS deduction the criteria to be check is previous year,

Mentioned in law clearly

in case of Individual and HUF if audit is done in previous year u/s 44ab than TDS is required to be deducted in current year.

Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 19 April 2018

Agreed with all above reply. TDS should be deducted

rocky (accountant) (953 Points)
Replied 20 April 2018

he was liable to be audited, but he did not get audited.

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 20 April 2018

Dear Rocky.,

In FY 16-17 his books audited then he deduct TDS in FY 17-18 and FY 17-18 he is not under audit then no need to deduct TDS in FY 18-19...