Query on tds
This query is : Resolved
22 December 2011
Hi,
I want to know the consequence & its accounting treatment if assessee fails to deduct TDS on rent (rent amount being Rs. 1,40,000/-) paid for 1st 9 months of F.Y. 2010-11 inspite of having TAN NO. Also to be noted that this amount of Rs. 1,40,000/- is paid to three different assessees.
I want to know the consequence & its accounting treatment if assessee fails to deduct TDS on rent (rent amount being Rs. 1,40,000/-) paid for 1st 9 months of F.Y. 2010-11 inspite of having TAN NO. Also to be noted that this amount of Rs. 1,40,000/- is paid to three different assessees.
22 December 2011
TDS deduction not required as the threshold limit is not crossed. Threshold limit is in respect of single deductee.
No income tax is required to be deducted at source if the aggregate amount of rent credited/paid or likely to be credited/paid to a single payee during the financial year does not exceed Rs.1,80,000/- from 1.7.2010 (previously it was Rs.1,20,000).
No income tax is required to be deducted at source if the aggregate amount of rent credited/paid or likely to be credited/paid to a single payee during the financial year does not exceed Rs.1,80,000/- from 1.7.2010 (previously it was Rs.1,20,000).
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