TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2011 A ltd paid rent in advance of Rs.50Lakhs in the year 2009-2010 (without deducting tds) to start a new branch. The branch started working in the yr 2010-2011. In each month the company is adjusting rent of rs.50000/- from the rent advance.Can anyone please advice me on TDS Provisions?

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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23 June 2011 In my opinion every month rs 5000 should be paid as TDS and recovered from Landlord.

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2011 The company didnt paid TDS yet. Now at the end of the FY 2010-2011, what is the solution?

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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23 June 2011 The company should make a provision for deduction of TDS for the whole year as on 31.3.11 and deposit the tax. Otherwise the whole of rent will not be allowed as expense in 10-11.

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2011 If the company is not making provision,what will be the amount of disallowance?

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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23 June 2011 It will be amount of rent for the whole year.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2011 One more question sir, if the company is paying Rs.50lakhs as rent in advance in the Current FY. What will be the consequences?

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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23 June 2011 TDS is to be deducted on rent amount from the date when rent starts as per agreement. Payment of advance does not attract TDS.

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