Sumiti Jain (FP) (1364 Points)
02 April 2013Last Year ending 31-03-2012 an individual is liable to tax audit u/s 44 AB. this was his first year of Tax audit so he has not deducted the tax at source. In this year his total sale is only Rs. 57 lakh which is below tax audit limit.
Whether he is liable for TDS in this year or not?
And what is the case if he will file his return under section 44AD?
V Vara Prasad
(Chartered Accountant)
(212 Points)
Replied 02 April 2013
No TDS liability since his turnover is below tax audit limit
CA Kumar Mukesh
(CA CMA FINAL and Advance Excel Trainer)
(6881 Points)
Replied 02 April 2013
Please also mention status of tax payer is it individual, if Tax payer is individual no requirement to complaince with TDS provisions, unless assessee wan't to disclose his taxable income below 8% of turnover (section 44AD), in this case tax audit will be applicable (44AB) and accordingly TDS provisions is also applicable
Sumiti Jain
(FP)
(1364 Points)
Replied 02 April 2013
In this year tax audit is not mandatory due to lesser turnover. But last year Assessee who is an individual has done his books audited u/s 44 AB. Because this was his first year of Audit he has not comply with TDS provisions.
What will to do in this year?
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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