Tds on office rent
This query is : Resolved
04 April 2019
Sir,
I am working in a central govt PSU. This office is paying Rs.16500 per month as branch office rent without deduction of TDS monthly basis. This office has already been paid rent upto Feb 2018. But as per income tax rules u/s 194I, TDS @ 10% must be deducted from the rent. My head office has instructed to deduct total TDS for the FY 2018-19 amounting Rs.19800/- in the month of March 2019. But last month of the rent is only Rs.16500/-. If I deduct Rs.16500/- in the month of March 2019 then how to adjust Balance TDS amount Rs.3300/-. Please advise me for any accounting rules/ income tax rules
I am working in a central govt PSU. This office is paying Rs.16500 per month as branch office rent without deduction of TDS monthly basis. This office has already been paid rent upto Feb 2018. But as per income tax rules u/s 194I, TDS @ 10% must be deducted from the rent. My head office has instructed to deduct total TDS for the FY 2018-19 amounting Rs.19800/- in the month of March 2019. But last month of the rent is only Rs.16500/-. If I deduct Rs.16500/- in the month of March 2019 then how to adjust Balance TDS amount Rs.3300/-. Please advise me for any accounting rules/ income tax rules
04 April 2019
Pass TDS entry in March with full amount and deposit TDS. Adjust balance TDS of rs. 3300 in april month.
04 April 2019
If the landlord agrees to repay you 3300/- you may receive a cheque from him also.
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