Question ID :
38072
TAN application for individual in case of turnover above Rs 1 crore but no tax audit is required
An individual whose turnover exceeds Rs 1 crore during FY 2018-19 but has opted for presumptive taxation. Hence, no Tax Audit is required. Now my question is does he need to apply TAN No since his turnover exceeds Rs 1 crore as per section 44AB...??
Posted by
CA Neha Gupta
on
Apr 03, 2019
Filed Under
DIRECT TAXES
Once your are covered under section 44AB it is mandatory to have a TAN number , whether you go for Presumptive basis of taxation or not.
Posted by
CA. BISHT RAKESH on
Apr 03, 2019
Answer ID :
76447
Since his/ her turnover exceeds Rs.1 Crore. Therefore it is required to apply and get a TAN.
Posted by
CA. JHA SHANKAR KUMAR on
Apr 03, 2019
Answer ID :
76451
Since FY 2018-19 accounts are not audited per 44AB, no need to apply TAN in FY 2019-20.
Posted by
B.CHACKRAPANI WARRIER on
Apr 03, 2019
Answer ID :
76453
TAN is compulsory when TDS is required to be deducted. If opted for presumptive taxation, TDS is not required to be deducted. Hence TAN is also not required.
Posted by
CA. chunauti dholakia on
Apr 03, 2019