Tds
This query is : Resolved
06 August 2012
Sir/Mam
one of My friend paid rent of Rs.350000, he is liable for Audit in this year, but he don't have TAN no. so didn't deduct tax, there is any tax planing so the expenditure become allowable,
if he bifurcate expenditure as
175000 for rent
175000 for furniture etc. then TDS liability arise or not
one of My friend paid rent of Rs.350000, he is liable for Audit in this year, but he don't have TAN no. so didn't deduct tax, there is any tax planing so the expenditure become allowable,
if he bifurcate expenditure as
175000 for rent
175000 for furniture etc. then TDS liability arise or not
06 August 2012
Being a freind as well as CA it's your duty to get TAN No. for him.
.
The above bifurcation will not save your friend from his TDS Liability is payee is one & the same person.
.
Please also specifically write the Assessment Year for which he is liable for Audit and the FY to which the expenditure pertains.
.
.
The above bifurcation will not save your friend from his TDS Liability is payee is one & the same person.
.
Please also specifically write the Assessment Year for which he is liable for Audit and the FY to which the expenditure pertains.
.
07 August 2012
Dear Paras Sir,
expenditure pertains for the A.Y. 2012-13 & Audit liability also for same A.Y.
But sir we have seprate exemption limit for both @1.80 Lacs each.
expenditure pertains for the A.Y. 2012-13 & Audit liability also for same A.Y.
But sir we have seprate exemption limit for both @1.80 Lacs each.
07 August 2012
In case of an individual/HUF, TDS is required to be deducted if the individual/HUF was required to get his accounts audited in the PREVIOUS YEAR.
The expenditure is for the FY 11-12.
Accordingly, TDS was required to be deducted if the assessee was required to get his accounts audited in FY 10-11.
If he was not required to get his accounts audited in the FY 10-11, TDS is NOT required to be deducted on such rent and the expense shall be allowed.
The expenditure is for the FY 11-12.
Accordingly, TDS was required to be deducted if the assessee was required to get his accounts audited in FY 10-11.
If he was not required to get his accounts audited in the FY 10-11, TDS is NOT required to be deducted on such rent and the expense shall be allowed.
07 August 2012
In case the person receiving Rental Charges is the same TDS provisions are applicable.
.
The limit may be understood on the basis of
Payee.
.
Expert Siddharth Bhardwaj's reply is quite explanatory and wholesome.
.
The limit may be understood on the basis of
Payee.
.
Expert Siddharth Bhardwaj's reply is quite explanatory and wholesome.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Multiple payment of self assessment tax for A Y 2025-2026
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- REGARDING ITR FILING QUESTION
- DUE DATE FOR ITR FILING
- Sale of Mutual Funds In Diffirent Financial Years
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- GST ISD Query on various AMCs
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- WHERE I SHOW GST 0% INVOICE IN GSTR1 (EITHER TABLE 7 OR TABLE 8)
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
