Whether an assesee required to conduct audit u/s 44AD, 44AE needs to deduct tds i.e whether tds provisions apply on this type of audit as it is also covered u/s 44AB clause c.
Sachin kumar (CA Final) (63 Points)
02 October 2011Whether an assesee required to conduct audit u/s 44AD, 44AE needs to deduct tds i.e whether tds provisions apply on this type of audit as it is also covered u/s 44AB clause c.
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 02 October 2011
TAX AUDIT U/S 44AB, IS REQUIRED WHEN ASSESSEE SHOW HIS INCOME BELOW THAN PRESUMPTIVE INCOME...FOR SEC 44AD,44AE,44AF......
Sole Properietory Firms are not required to deduct TDS in the current FY, if they were not liable to get the Tax Audit done in the immediately preceding year.
But the above principle does not apply if payments are made to
1) Residents u/s 194C as contract payments- in such case TDS is required to be deducted even if Tax audit was not required in the preceding year, provided the payment is made for services used in the business / profession.
2) Non-resident i:e in that case TDS is required to be deducted even if Tax audit was not required in the preceding year. In this case whether or not services are used in business/professsion.
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 02 October 2011
TAX AUDIT U/S 44AB, IS REQUIRED WHEN ASSESSEE SHOW HIS INCOME BELOW THAN PRESUMPTIVE INCOME...FOR SEC 44AD,44AE,44AF......
Sole Properietory Firms are not required to deduct TDS in the current FY, if they were not liable to get the Tax Audit done in the immediately preceding year.
But the above principle does not apply if payments are made to
1) Residents u/s 194C as contract payments- in such case TDS is required to be deducted even if Tax audit was not required in the preceding year, provided the payment is made for services used in the business / profession.
2) Non-resident i:e in that case TDS is required to be deducted even if Tax audit was not required in the preceding year. In this case whether or not services are used in business/professsion.
CA Hardik Bunha
(self)
(2121 Points)
Replied 04 October 2011
absolutely NO.................tds will not be applicable where audit u/s 44AD
Sachin kumar
(CA Final)
(63 Points)
Replied 16 October 2011
Sir, Can you please refer to me the section thereof.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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