Is there any TDS provision which says Assessee need not make TDS on payments if the tax audit is done for first time.
1 Replies
shivaji prasad bhimavarapu
(CHARTERED ACCOUNTANT)
(2391 Points)
Replied 23 September 2013
If the assessee is an individual or huf and for the first time his gross receipts or turnover exceed the limits prescribed for Sec 44 AB ( ie for Asst Year 2013-14 Rs.1 crore), then for that asst year TDS provisions Not applicable. He can take shelter for not paying TDS on applicable expenses.Check section 40 a(ia) of IT Act.
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