Tax Audit 44AB & TDS

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..... Tax Audit 44AB & TDS
Query (Issue) Started By: - AJAY AGRAWAL Dated:- 29-7-2016 Last Reply Date:- 29-7-2016 Income Tax
Got 2 Replies
Income Tax
1. TDS provisions (in addition to others) are applicable to assesses covered by Sec 44AB also. In case turnover is less than ₹ 1 Crore in any year & he is not required to get accounts audited u/s 44AB, has he to follow TDS provisions? .....

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..... 2. An individual is having 2 shops of whole sale business of spare parts (even he may have 3 or more shops in same line of business or others). One business has turnover more than ₹ 1 Crore & the other has less than ₹ 1 Crore or some business have turnover more than & some have less than ₹ 1 Crore. How tax audit liability u/s 44AB will be decided? Reply By CA BHASKER SHANDILYA: .....

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..... The Reply: Sir, " An individual is having 2 shops of whole sale business of spare parts (even he may have 3 or more shops in same line of business or others). One business has turnover more than ₹ 1 Crore & the other has less than ₹ 1 Crore or some business have turnover more than & some have less than ₹ 1 Crore. How tax audit liability u/s 44AB will be decided? " .....

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..... Kindly note that total turnover shall be clubbed together and tax audit shall be conducted on total turnover . Turnover is charged to audit assessee wise not business wise .Even if it would have been company then also we would have "consolidated turnover of all of there businesses . " TDS provisions (in addition to others) are applicable to assesses covered by Sec 44AB also. In case t .....

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..... urnover is less than ₹ 1 Crore in any year & he is not required to get accounts audited u/s 44AB, has he to follow TDS provisions? " TDS has nothing to do with turnover , TDS means tax deducted bya person responsible for paying any income other then in nature of personal effect . So it is mandatory requirement to deduct TDS whether company has to get its account audited or not , whth .....

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..... er it has maintained books or not . Reply By Ganeshan Kalyani: The Reply: Sir, I agree with the views of Sri Bhasker Ji. Thanks.
Discussion Forum - Knowledge Sharing .....

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