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
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.
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.
20 December 2011
TDS will deduct 2% if PAN is available otherwise 20%
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
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