TDS ON BUILDING RENT
This query is : Resolved
16 August 2010
WHAT IS TDS RATE ON BUILDING RENT . ANNUAL RECEIPT IS RS 150000.
TDS SHOULD BE DEDUCTED OR NOT.
TDS SHOULD BE DEDUCTED OR NOT.
16 August 2010
w.e.f 1/7/10 the threshold limit for TDS is 180000/- , so TDS should not be deducted.
But, since this threshold is from July,10 & if you have already deducted TDS in the months of April to June,10 the it would be advisable to continue deduction TDS for this complete FY.
However, rate of TDS on building rent is @ 10 %
But, since this threshold is from July,10 & if you have already deducted TDS in the months of April to June,10 the it would be advisable to continue deduction TDS for this complete FY.
However, rate of TDS on building rent is @ 10 %
VINOD ARORA
(Expert)
16 August 2010
Agreed, if the owner does not have objection in the matter.
16 August 2010
OUR COMPANY IS RECEIVING BUILDING RENT FROM BANK @ 12500/- PERMONTH I.E RS 150000/- PA WHICH IS LESS THAN RS 180000/-
SHOULD WE ASK THEM NOW TO STOP DEDUCTING TDS .
SHOULD WE ASK THEM NOW TO STOP DEDUCTING TDS .
VINOD ARORA
(Expert)
16 August 2010
Yes you can very well ask, if TDS is unnecesssarily increasing your likely refund amount.
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