APPLICABILITY OF TDS FOR AUDIT U/S 44AD

[ANIL ANCHALIA]

Dear Professional Colleagues,

 

QUERY

If an Individual or HUF requires to get his books Audited u/s 44AD of Income Tax Act, 19611 whether the assessee is liable to deduct TDS under the provisions of Income Tax Act, 1961 ?

 

 

Regds,

 

CA.Anil Anchalia,Partner
Anil Anchalia & Co.

Mobile:8100310299, 9831126143

[rajkumar agarwala]

not liable to deduct tds

 

CA R K Agarwala

9339004990

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[BKBANKA]

No  sir

Pl read section 194A which refers to  total sales,gross receipts or turnover exceeds the monetary limit specified under section cl.(a) or (b) of section 44AB and not mentioned cl (c) and (d).

Ca B.K.Banka

B.K.Banka & Associates

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[HARISH SIVAPURAM]

Dear Anil,

As per the Income Tax Act, when the individual is liable for tax audit in the preceding financial year, then only he is liable for deduction of tax in the current financial year.

Regards,

Harish

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[CA. Pankaj Agrwal]

Dear Sri Harish,

 

With due respect, the view given is only partially correct. TDS provisions refer to the amount of turnover etc. as given in 44AB in the immediate preceding year. Hence, even if the accounts were got audited as the income was declared lower than the presumptive rate, TDS provisions does not get attracted.

 

Thanks

 

CA. Pankaj Agrwal

225 Tej Kumar Plaza, Hazratganj,

Lucknow 226001

Phones: 0522-4009167

pan...@mgcoca.com; agrwal...@icai.org

agrwal...@gmail.com

[KS]

If subjected to Tax Audit in 2010-11 we are liable to deduct tds in 2011-12. And in 2011-12 if I am not a Tax Audit assessee, then whether am i liable to deduct TDS in 2012-13?