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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


Answer ID : 76446

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