its urgent...........................
This query is : Resolved
14 January 2010
could u tell me .......weather TDS will be deducted on Security wich will be adjusted in rent later.
14 January 2010
Tax has to be deducted under section 194I as such deposit represents the consideration for the use of land/building and, therefore, partakes the nature of rent.
Citation:- Circular 718 reported in 215 ITR (St) 68.
Citation:- Circular 718 reported in 215 ITR (St) 68.
Aditya Maheshwari
(Expert)
14 January 2010
Yes TDS deductible
CA Ravi Sisodia
(Expert)
14 January 2010
Yes , TDS provision applicable.
18 January 2010
TDS is deductiable at the time of giving the deposit, if the condition for adjustment of rent at the time giving the deposit persist.
If the condition is not persist at the time of giving deposit but it turns out to be of such nature at the the time of vacating the property it is to be deducted at that time.
If the condition is not persist at the time of giving deposit but it turns out to be of such nature at the the time of vacating the property it is to be deducted at that time.
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