TDS deduction rate and section confirm
This query is : Resolved
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Pranali Bhandari
(Querist)
04 June 2022
One Taxpayer turnover is 30 lacs in a year.
He is an individual Indian resident. He is a propreitor and not liable foe audit also. He has taken one gala or industrial place for his business (works contract). He pay monthly rent to landlord Rs. 40000/- .
So my question should he need to deduct TDS on rent payment.
If yes then suggest under which TDS section???? Please answer my query on urgent basis.
Thanks
He is an individual Indian resident. He is a propreitor and not liable foe audit also. He has taken one gala or industrial place for his business (works contract). He pay monthly rent to landlord Rs. 40000/- .
So my question should he need to deduct TDS on rent payment.
If yes then suggest under which TDS section???? Please answer my query on urgent basis.
Thanks
CA R SEETHARAMAN
(Expert)
04 June 2022
No need for TDS on such a case.
CA Puja Sharma
(Expert)
04 June 2022
No, TDS is required to be deducted.
If the rent paid was more than Rs. 50,000 per month then TDS deduction was required u/s 194IB
If the rent paid was more than Rs. 50,000 per month then TDS deduction was required u/s 194IB
Pranali Bhandari
(Querist)
07 June 2022
THANK YOU CA R SEETHARAMAN AND CA Puja Sharma
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