srinivas (purchase) (82 Points)
29 September 2014sir
i would like to know whether person paying rent has to deduct TDS from the rent amount payable .if yes above what amount TDS will have to deducted. TDS deucted to be shown in which section of ITR 2 by the assessee.
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 29 September 2014
Any person, other than an individual or a HUF, is responsible for paying to resident in India, any income by way of the rent, amounting in aggregate to more than Rs. 180000 in a financial year. However w.e.f. 01/06/2002, individuals and HUF who were covered under section 44AB (a) and (b) in the preceding previous year, are also required to deduct tax at source.
Rate:
Plant & machinery and other equipments----2%
Land Bldg &Furniture-----10%
Roopesh Gangisetty
(Article trainee)
(176 Points)
Replied 29 September 2014
If the rent exceeded Rs.1,80,000 per annum then the tenant shall have to deduct TDS in the name of owner and shall have to deposit on his PAN Number.
Tenant - Company or Tax Audit Applicants.
Shreyansh Kothari
(Chartered Accountant CS & GST Practitioner)
(58 Points)
Replied 30 September 2014
sharan
(student)
(22 Points)
Replied 30 September 2014
Roopesh Gangisetty
(Article trainee)
(176 Points)
Replied 01 October 2014
Individual shall have deduct TDS, if he/she is liable under Tax Audit 44AB.
Because Auditor shall have to state in his Audit Reports, whether Assessee have paid all statutory liabilities. If Asseessee has not agreed to pay, then Auditor shall disallow such Expenditure
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