Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2011 if we paid rent rs.38500*2 per month for two party.How much Tds deduct each party and when TDS is applicable on rent

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 December 2011 Section 194I of the Income Tax Act deals with TDS on rent.

TDS on rent is required to be deducted if the payment exceeds Rs. 1,80,000/- during the year.

Rate of TDS:

(a) two per cent for the use of any machinery or plant or equipment
(b) ten per cent for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings

In this case the annual payment to each party comes to Rs. 4,62,000/-. TDS will be deducted at 2% or 10% depending on the nature of the asset.

Guest

Guest (Expert)

19 December 2011 Agree with expert.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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20 December 2011 TDS will deduct 2% if PAN is available otherwise 20%

Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615

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