Tds
This query is : Resolved
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?
01 May 2015
yes. TDS is applicable on such payments.
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01 May 2015
yes. TDS is applicable on such payments.
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?
but if i want to deduct from 1st month,,can i?
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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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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01 May 2015
Thanks Sir,,
& if i deduct when our limit is crossed,dat time 1% interest also applicable?
& if i deduct when our limit is crossed,dat time 1% interest also applicable?
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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