Tds applicable on partnership firm

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This query is : Resolved

Arjun sharma (Querist)

14 May 2016 I open a gym at new delhi. I am paying a rent to the owner Rs. 50000/- p.m.
1. Can i deduct TDS from day one.
2. If not , when is applicable.
3. What is the Rate of TDS.

Regards

CA Mithil Munot

CA Mithil Munot (Expert)

14 May 2016 you can deduct tds @ 10%

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

14 May 2016 Though the rent paid by you exceeds the limit of Rs. 180000/- under section 194I, as an individual you are liable to deduct tax only if your gross receipts or turnover exceeded Rs. 1 crore in immediately preceding financial year.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

14 May 2016 1. Yes you have to deduct the TDS
2. Start deducting from first payment.
3. TDS 10% U/s 194 I

Dear Experts read the query carefully and Reply complete query.

Question is regarding Partnership Firm, whether firm is liable for audit or not liable, but if it liable to deduct the TDS it is mandatory to deduct.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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