Please Help: Direct tax
Posted Date : 26-Aug-2017 , 10:22:22 pm | Posted By: Divya Sharma
Category :
Income Tax | Answers :
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if in 2013-14 there is tds deducted u/S 194J OF 50000 I.E.RECEIPTS 500000, WHETHER while filing reurn the balance sheet and profit and loss account has to be upload?? |
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Posted By : Praveen Dounderiya |
25-Sep-2017, 01:31:28 |
If the Income from Business or Profession exceeds Rs. 1,20,000 or the Total Sales/ Turnover/ Gross Receipts exceeds Rs. 10,00,000 in any of the previous 3 years. These limits have been increased to Rs. 1,50,000 and Rs. 25,00,000 respectively from Financial Year 2017-18 onwards. (Announcement made in Budget 2017) |
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Posted By : Praveen Dounderiya |
25-Sep-2017, 01:26:42 |
An Individuals or an H.U.F. is not liable to deduct TDS on such payment except where the individual or H.U.F. is carrying on a business/profession where accounts are required to be audited u/s 44AB, in the immediately preceding financial year. A person is liable to get its accounts audited u/s 44AB if during the relevant financial year its gross sales, turnover or gross receipts exceeds Rs. 1 Crore (Business) or Rs. 50 Lacs in case of profession. |
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