Section 194i

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ashish (Querist)
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11 June 2015 Dear Experts,.. an assessee has rent payable for f/y 2013-14 rs.. 150000...........In f/y 2014-15 asseesse paid amt rent payable(13-14) rs.150000......and rent for f/y 2014-15 rs..150000......means during f/y 2014-15, assessee paid total amt..rs 300000...being exceeding rs 180000...during year 2014-15....................I want to ask that whether tds u/s 194-I required to be deducted during 2014-15...because as per said section wordings are.."amount credited or paid (whichever earlier) exceeding 180000 -'DURING THE YEAR' and not 'FOR THE YEAR'..."

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 June 2015 If the rent amount for FY 2013-14 was already credited in FY 2013-14 and only the payment was being made in FY 2014-15 then Rs 150000 of FY 2013-14 will not be considered in calculating the threshold limit for FY 2014-15.

Liability to deduct TDS arises on date of payment or credit whichever is earlier. SO if there was no credit entry in FY 2013-14 then TDS will have to be deducted in FY 2014-15 on entire amount.

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