Whether TDS is required to be deducted for FY 2012-13 where Assessee is not liable to Audit u/s 44AB, as turnover is below Rs.1 Crore?
However for F.Y 2011-12, Audit was conducted u/s 44AB, as turnover was above limit of Rs.60 Lakhs.
Pls Advise, whether to deduct TDS on INTEREST on Loans & Advances for FY 2012-13 or not?
TDS is not deducted based on whether the deductee is covered for 44AB or not. TDS is deducted if the conditions for whichever section you are deducting TDS is satified.
S.V.SHAH
You have not mentioned wheter assessee is Individual or HUF or Firm . .. . .
For individual & HUF first following condition is required for TDS and in other case of assessee i.e. firm company, no audit criteria require but provision of chapter XVIIB applies.
In the case of Individual or HUF who is subject to TAX Audit u/s.44AB in the preceeding year, provision of TDS is applicable in current year.
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