Tax deducted at source

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 Deduction tds U/S 94I i.e. rent of rs 37260 per month so, now i am deduction tax on the whole amount i.e. 3726. Is this is correct or i should calculate the whole amount i.e rs 447120 and deduction rs 180000 as exemption limit that comes to rs 267120 and then deducting tax on that amount of rs 2226.00 please suggest its urgent

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 August 2013 TDS is required to be deducted on the TOTAL amount. Rs. 1,80,000 is NOT an exemption.

The relevance of Rs. 1,80,000 is to decided whether TDS is required to be deducted or not.

If the rent does not exceed Rs. 1.8 lakhs TDS is not required to be deducted. If the rent exceeds Rs. 1.8 lakhs TDS is required to be deducted on the TOTAL rent amount (excluding service tax).

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 thank you sir

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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09 August 2013 You are welcome. You should use the thanks button to convey your thanks.

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