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rent received

VARUN (PCC STUDENT) (523 Points)

01 July 2009

WE ARE RECEIVING A RENT AMOUNT AFTER DEDUCTING T.D.S ............ WATS THE PROCEDURE IF WE WANNA TO AVOID DEDUCTION OF T.D.S ????

THANK YOU IN ADVANCE ..

Regards,

Varun Makhija

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8 Replies

Brahma Reddy (Manager Accounts) (57 Points)
Replied 01 July 2009

ok i will tell u the best way but before that can u tell me the amount how much u r receiving.

(Guest)

Hi Varun,

You need to make an application to the assessing officer u/s 197 for obtaining a certificate for not deducting or deducting at lower rate of TDS. you need to obtain it for each payer for each financial year.

praveen (Chartered Accountant) (6971 Points)
Replied 01 July 2009

certificate for lower deduction or no deduction can be claimed only when there is little income which is not taxable fully or partly.

You need to give the full amounts to advise you

VARUN (PCC STUDENT) (523 Points)
Replied 01 July 2009

okkies .... the exact amount of rent is Rs. 30,000/-

(Guest)

u have to fill a form 13 n submit to income tax office

MAYANK GUGLANI (CA ) (124 Points)
Replied 01 July 2009

tinku is r8

Yogesh Shah (Managing Corporate Finance) (1051 Points)
Replied 01 July 2009

I agree with Anand. Form No. 13 will be sufficient.

Ankit Rungta (Student CA Final) (79 Points)
Replied 01 July 2009

Well, My dear respected seniors.

I would like to state that Form15(G) if duly filled and given to the payer of the rent, then it will suffice Payer a reason not to deduct the TDS, and give the payee the full amount of rent.

Form15(G) can be filled only when the total income of the payee does not exceed the taxable slab, the losses if any wont be considered in calculating the total income over here.

I would suggest submitting Form15(G) for no deduction of TDS. The payee will need to submit the form to the ITO by the 7th of next month.

If your total income(not including losses) is above the taxable slab, then i am sorry to say Form15(G) facility can not be provided in the case.