Income Tax

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2011 We are a manufacturing unit (Partnership Firm)have already Paid (this Year F.Y.2010-11) Rent of Rs. 2,16,000 but the rent devided and paid into three person (Mr.Amit Rs. 1,20,000, Mr. Bimal Rs. 48,000 & Mr.Suren Rs. 48,000) then can we Deducted TDS For Rent both of parties or not

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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22 February 2011 Hi

Will get back to u with complete wrkngs & Info

Thank you

Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITR Hons

C.A.Javid Patel

C.A.Javid Patel (Expert)
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23 February 2011 No requirement of deduct tds it is individualy limit of 180000 p.a.

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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23 February 2011 Hi,

If there is Clear cut division of Shares of Rent which is identifiable, then you could treat the payment as "Rent paid to Co-owners" therefore there will not be any requirement of Deducting TDS on individual amounts, as the Limit is Rs.180000/- p.a.per individual.

Thank you,

Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

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