Tds on payment of rent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2012
Dear expert,
One of my client has started the business of trading of ceramic tiles. For that purpose, he has taken a shop on rent and monthly rent is 40000/-. As the business is new and there is no prediction can be made that turnover of the firm would be above the audit limit or below the limit. Here I would like to know that whether he should obtain TAN and deduct TDS on payment of rent or not.
Please advise me.
One of my client has started the business of trading of ceramic tiles. For that purpose, he has taken a shop on rent and monthly rent is 40000/-. As the business is new and there is no prediction can be made that turnover of the firm would be above the audit limit or below the limit. Here I would like to know that whether he should obtain TAN and deduct TDS on payment of rent or not.
Please advise me.
CA CS Amit S. Kedia
(Expert)
29 May 2012
If it can be estimated that tax audit may come in the coming year then it is better to apply for TAN and deduct the TDS.other wise unnecessary you have to pay TDS along with Interest.
CA PRAVEEN SINGH
(Expert)
29 May 2012
AS PER YOUR QUESTION AS YOU SAY THAT,THERE IS NO PREDICTION OF TURNOVER WILL BE INCREASE AS REQUIRE FOR TAX AUDIT.AS BUSINESS IN NEW.
NO NEED TO APPLY FOR TAN NO...
BUT FOLLOWING SAFE SIDE YOU SHOULD APPLY FOR TAN NO.TO AVOID INTEREST.
NO NEED TO APPLY FOR TAN NO...
BUT FOLLOWING SAFE SIDE YOU SHOULD APPLY FOR TAN NO.TO AVOID INTEREST.
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