INCREASE LIMIT OF TDS ON RENT
This query is : Resolved
06 March 2010
In budget 2010, Govt Increase Limit of TDS on Rent from 1,20,000 to 1,80,000 wef from 01/07/10.
I want to be an agreement of Lease @ Rs16,500 per month for 10 Months upto Income Tax Limit i.e. Rs 1,80,000 from 01-04-2010 without deducting TDS. So, Please advice me, it's as per rules or not.
I want to be an agreement of Lease @ Rs16,500 per month for 10 Months upto Income Tax Limit i.e. Rs 1,80,000 from 01-04-2010 without deducting TDS. So, Please advice me, it's as per rules or not.
06 March 2010
The threshhold limit is for payment of rent during the year and in case the total rent in the year does not go beyond Rs. 180K, TDS will not be deducted even if the agreement is only for 10 Months and for the other 2 months the icnome from rent does not exceed Rs 15K. It seems that your query has a hidden query that if you enter the rent agreement before july 2010 for rent income of 16500 whether the tax would be required to be dedcuted. the answer is NO.
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