04 September 2008
suppose a bill has been submitted mentioning rent for premises-22000 and rent for furniture-70000. now as far as my knowledge goes as per sec 194I no TDS will be deducted as the amount of bill does not exceed Rs 120000. It is only Rs-92000. Am i right in this case or not -pl. explain
04 September 2008
1. Payment should be made by any person, except HUF & individuals 2. Tax to be deducted at the time of making due or making payment, whichever is earlier. 3. Tax to be deducted @ 20 % plus surcharge plus education cess of total amount (15% in case payment is made to Individual or HUF) 4. TDS only if annual amount exceeds Rs. 1, 20,000.
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