Tds

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Dipen Thakkar (Querist)

01 May 2015 We are Auditable Firm & took the Godown on lease, monthly rent is 19500.00 for that. Now, I want to ask tds is applicable there?

Nikhil Kaushik

Nikhil Kaushik (Expert)

01 May 2015 yes. TDS is applicable on such payments.

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Nikhil Kaushik

Nikhil Kaushik (Expert)

01 May 2015 yes. TDS is applicable on such payments.

Dipen Thakkar

Dipen Thakkar (Querist)

01 May 2015 Thanks Expert,one more question for the same,,i read limit is 180000.00 when i crossed the limit i m liable to deduct...

but if i want to deduct from 1st month,,can i?

Nikhil Kaushik

Nikhil Kaushik (Expert)

01 May 2015 if you read the section, it says where the payment in the years are expected to be more than Rs 1.8 lakhs, TDS is to be deducted. It would mean tax should be deducted on the whole amount...

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

01 May 2015 Yes you can start deduction TDS from 1st month since the amount is expected to cross threshold limit of Rs 1.80 lacs. Deduct TDS @ 10% u/s 194I.

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Dipen Thakkar

Dipen Thakkar (Querist)

01 May 2015 Thanks Sir,,

& if i deduct when our limit is crossed,dat time 1% interest also applicable?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

01 May 2015 Yes interest on late deduction of TDS will have to be paid as it was clear from the very beginning that threshold limit will be crossed but still TDS was not deducted.

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