Tds deduction for individual not liable for tax audits

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Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2018 Respected Sir,

We Have paid TDS on Rent at 10% considering 1,80,000/- crietria Instead of 5%, for responsible for paying to a resident monthly rent exceeding Rs 50,000 under Section 194-IB with effect from June 1, 2017,

What will be the Rectification need to be done .

kindly help Me in this regards

Thanking You in advance

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

25 April 2018 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 P.M and claiming HRA are required to deduct and pay TDS of Landlord ,
This section is applicable on an individual or a Hindu undivided family who are not required to have tax audit as per Income Tax .
Whether you are paying rent on Business premises or Residence? if it is for Business than you can deduct 10% by paying TDS from TAN number.

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2018 THANK YOOU SIR FOR YOUR REPLY,
Is the Below Deduction of TDS Correct?
we are paying rent for our Factory Premises of Rs 47,250 after Deducting TDS at 10% of Rs 5,250/-
we are not Liable for Tax Audit.

Expert : Anonymous

Expert : Anonymous (Expert)

25 April 2018 If rent is Rs 50k then TDS ll be deductible @ 10% - Rs. 5000...

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