Tds

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2011 While making a payment of lease rent of Rs. 445500 for 99 years, should we deduct TDS u/s 194I?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

18 August 2011 Yes. TDS should be deducted u/s 194I @ 10%.

taxindiaconnect

taxindiaconnect (Expert)
Follow

18 August 2011 The tax is to be deducted from the payment or credit which ever is earlier. in this query since payment is happening in year one, technically speaking TDS should be deducted. However, if the amount is made a refundable advance there is no need for TDS.