Mayank Jain (Student) (575 Points)
06 April 2015is it correct that , once tds provisions was apllicable then it will continue forever even tax audit is not apllicable for next year?
plz answer
thnx
CA Momin Owais Ahmed
(Audit Manager)
(154 Points)
Replied 06 April 2015
Assessee will be liable to Deduct Tax only if Last Year was in Audit. (INDIVIDUAL & HUF)
Ex. For Year 2013-14 if assessee fall in Tax audit for first time then you are not Liable to Deduct Tax in 2013-14 but for year 2014-15 you are suppose to Deduct Tax,
Let us assume for Year 2015-16 assessee is not required to get his books audited, in this case for year 2015-16 he will be liable to Deduct Tax & from next year he will not be liable to deduct till his accounts not required to get audited for last year.
And for Assessee othe than IND & HUF every year of operation of Business they will be liable to Deduct Tax
CAclubindia
