Non deduction of TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2010 TDS has not been deducted on rent due to under exemption limit (less than Rs. 1.20 Lacs during whole year).

but while adding with other incomes, crosses the income exeption limit, how tax will be deposited and till when it can be deposited?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 May 2010 IF AMOUNT PAID ON ACCOUNT OF RENT IS ABOVE THRESHOLD LIMIT YOU ARE REQUIRED TO DEDUCT TDS ON RENT.
SUPPOSE YOU ALSO PAY INTEREST TO SAME PARTY THEN INTEREST AMOUNT AND RENT AMOUNT WILL BE CONSIDERED SEPARATELY FOR TDS PURPOSE.
SUPPOSE RENT IS RS. 1.1 LACS AND INTEREST IS 40 THOUSAND THEN YOU WILL HAVE TO DEDUCT TDS ONLY ON INTEREST U/S194A AND NOT ON RENT EVEN ID THE AMOUNT OF BOTH IS PAID TO A SINGLE ENTITY.
HOPE THIS SOLVES YOUR QUERY.

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2010 thanks for the reply but my concern was a bit different:

i am receiving rental income from two different sources. in both the cases rental income is within limit hence TDS is not deducted at any place.

but while computing my total income, when i add both rental incomes, it goes over the exeption limit. as no TDs is deducted I have to pay the tax. I want to know till when I can deposit tax and how?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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28 May 2010 YOu have to deposit tax as self assessment tax by challan no 280 in any bank. If tax laiblity is more than Rs. 5000, then you have to deposit interest also u/s 234 A, B & C.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 May 2010 PAY SELF ASSESSMENT TAX THROUGH ITNS 280 AS SOON AS POSSIBLE.

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