9911796707
TMI BlogTax Audit 44AB & TDSX X X X Extracts X X X X X X X X Extracts X X X X ..... 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? 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 h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as 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 - 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 busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss 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? Kindly note that total turnover shall be clubbed together and tax audit shall be conducted on total turnover . Turnover is charged to audit assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 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? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 , whther it has maintained books or not . - Reply By Ganeshan Kalyani - The Reply = Sir, I agree with the views of Sri Bhasker Ji. Thanks. - Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Audit 44AB & TDS - Query Started By: - AJAY AGRAWAL Dated:- 29-7-2016 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
