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TDS

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(Querist)
18 June 2011 If my contract of rent is for Rs2 lakhs, entered in september 1st. for the 7 months(i.e sept to Mar) since it does not exceed 1.8 lakhs should not we deduct TDS?


Pls consider.....
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
18 June 2011 No. Since it does not cross the threshold limit TDS deduction is not required.
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CA Suresh kumar panda

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CA Suresh kumar panda (Querist)
18 June 2011 But sir there is a provision that if we anticipate it ll exceed we can deduct TDS....is is not it???
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
18 June 2011 TDS deduction should start once threshold limit is crossed. But even if you have deducted the TDS no problem the party will get the credit.
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CA Suresh kumar panda

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CA Suresh kumar panda (Querist)
18 June 2011 Thank you sir...i got my point.In 194I its clearly given if it exceeds 1.8lakhs in the FY only TDS ll be deducted.....


Thank u very much for answering...:-)
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