Pravin Prajapat (C.A. Final Student) (136 Points)
06 November 2012Hi Can Anyone Tell me abt Tds Deduction Liability arise in below Situation
Mr.A having Tax Audit in F.Y. 2010-11, So He was lible to Deduct TDS in F.Y. 2011-12, fine ,
In F.Y. 2011-12 he is Not hving Tax Audit (u/s 44AB) so Still he is Liable to deduct TDS in Current F.Y. 2012-13 ,
(Is there any provision like Once TDS Liability arise it will remain Active in subsequent years also ? )
CA Manish
(Job)
(5264 Points)
Replied 06 November 2012
If in the last F Y he is not liable for Audit then in Current F Y he is not liable for deducting TDs.
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 06 November 2012
In this case, no TDS libility shall arise in the FY 2012-13 since the provisions for TDS state that the TDS shall be liable to be paidby any person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, if such person is liable to audit of accounts under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such sum is credited.
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 06 November 2012
| Originally posted by : CA Manish Malu | ||
 |
If in the last F Y he is not liable for Audit then in Current F Y he is not liable for deducting TDs. |
 |
Agreed with expert..
Ravi Nallipogu
(Student )
(128 Points)
Replied 06 November 2012
As per income tax provisions, individual Or HUF liability to deduct tds depends on previous year tax audit u/s 44AB , income tax act 1961.
In the above case Mr.A not liable to deduct TDS for 2012-13 because Mr.A was not covered under tax audit 44AB in the previous year 2011-12
CA. Kapil Goel, DISA(ICAI)
(cakapilgoel.wordpress.com)
(2191 Points)
Replied 06 November 2012
Deepak Dargad
(Chartered Accountant....)
(9787 Points)
Replied 06 November 2012
Agreed with manish sir
LALIT
(PROP.)
(32 Points)
Replied 08 November 2012
PLS TELL ME IF A PARTNERSHIP FIRM IS ENGAGED IN CIVIL CONSTRUCTION BUSINESS AND GIVEN A CONTRACT TO ONE OF WORKING PARTNER OF FIRM THEN THERE IS NEED OF TAX DEDUCTION U/S 194 C ...PLS REPLY
vishal korade
(article)
(92 Points)
Replied 23 November 2012
i agreed that tds not to be deducted in current f y , if there was no tax audit in previous year, but whether assessee required to file tds returns or not?
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 23 November 2012
Not required if he is not liable to deduct TDS.
Think other way, whether all those who are not required to deduct TDS should file return?
Thx//Vaibhav
ayush
(Article Assistant)
(23 Points)
Replied 10 April 2014
I have query related to TDS.
In last F.Y i.e 13-14. TDS of Q4 has been filied in Q1 of F.Y 14-15 .
Regards
ayush
Venu Gopal
(Engineer)
(21 Points)
Replied 22 July 2014
Hai.............,
I am working for one company on contract basis its for three months .They are deducting 3750per months on the name of TDS .My total earning is per month 37500.Is it correct they doing.
CAclubindia
