TDS on Agricultural land
This query is : Resolved
25 March 2009
Whether to deduct TDS on lease rent of Agricultural lands if exceeds Rs.120000/-
Whether to deduct TDS on lease rent of Agricultural lands if exceeds Rs.120000/-
25 March 2009
TDS would be applicable for the rent income on agricultural land as the definition include the use of land and there is no exemptions for agricultural land....
25 March 2009
Explanation to section 194I says 'any land'. Any land ,accordingly, includes agricultural land as well. Therefore, my view is, tax is to be deducted in the cited issue.
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