Company not deducting tds on rent
This query is : Resolved
22 October 2014
Hi my name is vineel kumar i joined as an accounts officer in a private company where i found that our company is not deducting tds on rent paid (23000 pm) what will happen if tds is not deducted. and also making payments more than 15000 per day in cash
thanks in advance
thanks in advance
22 October 2014
Payment to single party perday in any case should not exceed 20,000 if it is exceed than this disallowed to claim the same as expence(Sec.40A(3))
.
.
If rent paid to a party exceeds Rs.1.8 lakhs per year TDS to be done at 10%.
If failed to deduct TDS Expenditure may be disallowed as expence 40a(ia)
.
for f.y.14-15 disallowance is restricted to 30% of amount on which tds applicable
.
.
If rent paid to a party exceeds Rs.1.8 lakhs per year TDS to be done at 10%.
If failed to deduct TDS Expenditure may be disallowed as expence 40a(ia)
.
for f.y.14-15 disallowance is restricted to 30% of amount on which tds applicable
Message likes :
2 times
22 October 2014
If payment is made more the 20000 (suppose 35000) to different parties in cash, does the total is allowed
22 October 2014
In case of payment to transporters upto 35000 is allowed.
yes it is okay if it is paid to different parties
yes it is okay if it is paid to different parties
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Consolidated financials
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
