ITC
This query is : Resolved
Quick Summary
08 December 2020
Sir I am a Restaurant Business Owners food services can i take itc on rent paid towards the building where the business situated.Now i am not taking ITC and simply charging @5% towards my sales bills without taking itc on purchased items, now quation is can i take itc rent paid to my house owner
and can i deduct tds towards rent paid.
and can i deduct tds towards rent paid.
CA R SEETHARAMAN
(Expert)
08 December 2020
ITC can't be taken on rent paid. TDS can be deducted on rent paid.
09 December 2020
sir i don't have tan no how to deduct tds.
without tan can i deduct tds please guide
without tan can i deduct tds please guide
CA R SEETHARAMAN
(Expert)
10 December 2020
You have to deduct TDS only if your turnover is more than 1 crore.
11 December 2020
No sir on house rent paid by me towards my shop situated ie arround 12 lakh paid in a year. so my quation is tds how to deduct with out tan
CA R SEETHARAMAN
(Expert)
12 December 2020
TAN not required in this case. TDS under section 194IB
The tenant is required to deposit TDS by filing Challan-cum-Statement in Form 26QC. The tenant is liable to make a deposit of the deducted TDS within a period of 30 days from the end of the month in which TDS is deducted [Rule 30 (2B)].
Following are the steps which the tenant should follow in order to file Form 26QC –
1. Visit site https://www.tin-nsdl.com/.
2. Navigate the path Services > TDS on Rent of Property.
3. Click on ‘Online form for furnishing TDS on Rent of Property (Form 26QC)’.
4. Under e-payment of Taxes, go to ‘TDS on Rent of Property (Form 26QC)’ and click on ‘Proceed’.
5. Step by step, fill up the Form 26QC and submit.
The tenant is required to deposit TDS by filing Challan-cum-Statement in Form 26QC. The tenant is liable to make a deposit of the deducted TDS within a period of 30 days from the end of the month in which TDS is deducted [Rule 30 (2B)].
Following are the steps which the tenant should follow in order to file Form 26QC –
1. Visit site https://www.tin-nsdl.com/.
2. Navigate the path Services > TDS on Rent of Property.
3. Click on ‘Online form for furnishing TDS on Rent of Property (Form 26QC)’.
4. Under e-payment of Taxes, go to ‘TDS on Rent of Property (Form 26QC)’ and click on ‘Proceed’.
5. Step by step, fill up the Form 26QC and submit.
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