Hello everyone,
one of my client Mr.X is proprietor.
He stated production of film for the first time in nov 2011. He was not liable for tax audit in financial year 2010-11. his total cost of production upto 31st march 12 and 01/01/2013 was Rs.1 cr and 4 crores respectively. He will be selling the rights to the distributor in the month of april 2013.
My question :
1. whether he is liable to get his accounts audited under the income tax act for the financial year 11-12 and 12-13 ? and
2. Should he apply for TAN ? Whether he is liable to deduct tax at source in the fy 11-12 and 12-13 or 13-14 ?
urgently waiting for the veiws of the experts
CAclubindia
