TDS applicability on Rent.
This query is : Resolved
Quick Summary
25 March 2021
Dear Sir,
In FY 2017-18 to FY 2019-20 the Sales Turnover is 48 Lacs P.A. approximately in Partnership Firm.
There is no tax audit as per Income Tax U / S 44AB, as turnover does not exceed 1 crore.
We are paying Rent to other for using of Gala Unit & paying monthly rent Rs.50000/ -without TDS deduction. My query is If there is no tax audit, then TDS is applicable on rent?
Please give your advice in the above.
Thanks
N.K.
In FY 2017-18 to FY 2019-20 the Sales Turnover is 48 Lacs P.A. approximately in Partnership Firm.
There is no tax audit as per Income Tax U / S 44AB, as turnover does not exceed 1 crore.
We are paying Rent to other for using of Gala Unit & paying monthly rent Rs.50000/ -without TDS deduction. My query is If there is no tax audit, then TDS is applicable on rent?
Please give your advice in the above.
Thanks
N.K.
Ganeshbabu K
(Expert)
25 March 2021
TDS based on monetary limit specified in 44AB is applicable to Individuals and HUF only and not to partnership firm. So Partnership cannot escape from deduction and payment of TDS
Message likes :
2 times
CA. Aditya Goel
(Expert)
25 March 2021
agree with Mr. Ganeshbabu
Message likes :
1 times
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