Tds on rent section 194-i

Whether your organization is corporate or firm or proprietorship?

Thanks for the reply Sir. My company is sole propreitorship.

If your annual turn over is just 50 lakhs, and when not liable to audit u/s. 44AB for preceeding year; then you are not required to deduct TDS u/s. 194I. 

Sir thank you so much for the help.

In fact I used to deduct TDS on the rent until now @ 10.3% and pay it since 2005 mine or the landlord's accounts people were not aware of the exemption, this doubt about excemption arised just few days back when my landlord asked to pay back the deducted amount (without paying TDS) as I came late on the TDS payment.

What happens from now on if I dont deduct TDS and pay the rent in full?

What happens to the TDS paid from 2005 until now?

I have only been doing turnovers below 50l since starting my company.

Does my rented propert come under plant and machinery or building? I saw TDS under sec 194-I at 2% for plant and machinery and 10% for building.

First of all, whatever TDS had been deducted till date, when paid to treasury, you can download form 16A and issue it to deductee, based on which he can get credits of the said amount.

Continue the procedure till march 2017 payment; and from next year re-evaluate the liability.

Thanks for the help Sir.

Sir do I have to submit any letter to IT Department saying that I am not going to deduct and pay TDS from March 2017 as I am excempted?

No need, you will be following the rules already enected. ( provided the present conditions prevail)