TDS applicability on Rent.
This query is : Resolved
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.
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
25 March 2021
agree with Mr. Ganeshbabu
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Form 10BD Filling
- Reporting of STCG on Property in ITR
- Not able to file ITR
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
