Lower exemption certificate rate higher than acutal tds rate
This query is : Resolved
03 November 2009
We have received a lower exemption certificate from our landlord for 13.03%.
But as per sec 194I of Income Tax Act, tds rate for AY 2010-11 is 10% for rent on building.
Will it be a violation, if rent is paid after deducting 10% tds instead of higher rate of 13.03% as per the certificate.
In support of the answer kindly provide related notification,circular or case law that will substantiate the answer.
But as per sec 194I of Income Tax Act, tds rate for AY 2010-11 is 10% for rent on building.
Will it be a violation, if rent is paid after deducting 10% tds instead of higher rate of 13.03% as per the certificate.
In support of the answer kindly provide related notification,circular or case law that will substantiate the answer.
CA Balram Sharma
(Expert)
03 November 2009
ANY CERTIFICATE CANN'T OVERRIDE THE PROVISION OF ACT,
IF ANY THING DONE IN ACCORDANCE WITH THE ACT THAT WILL NOT BE VOILATED,
AS THE SECTION 194I PROVIDE THE RATE 10% HENCE THERE IS NO VIOLATION .
IF ANY THING DONE IN ACCORDANCE WITH THE ACT THAT WILL NOT BE VOILATED,
AS THE SECTION 194I PROVIDE THE RATE 10% HENCE THERE IS NO VIOLATION .
CA SANJAY MUKHERJEE
(Expert)
03 November 2009
The certificate was for concessional rate as the stipulated tds rate was 15% for Individual/Huf and 20 % for other recipient till 30.09.09.
Since TDS rate became 10% wef 01.10.09 & u r having the old certificate obtained by landlord it would be better for the landord to either apply for revision of certificate or to surrender the certifiacte.
Till then deduct tds and deposit at 10% rate as expert Sharma said.
Since TDS rate became 10% wef 01.10.09 & u r having the old certificate obtained by landlord it would be better for the landord to either apply for revision of certificate or to surrender the certifiacte.
Till then deduct tds and deposit at 10% rate as expert Sharma said.
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Royalty payments to the Mining Department for procurement of murum - GST input
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
