TDS on Rent
This query is : Resolved
Shubhangi Mahadik
(Querist)
07 April 2010
Exemption Limit of TDS Deduction U/s. 194I has been revised by Finance Bill 2010 w.e.f 1/07/2010 from Rs. 120000/-p.a to Rs. 180000/-p.a. Whether there will be TDS Deduction If Monthly Rent paid is Rs. 15000/- i.e. Rs. 180000/- p.a since this amendment take into effect during the year
Shyam Lal Naik
(Expert)
07 April 2010
In my view, TDS needs to be deducted for the period 01/04/10 - 30/06/10. Because, till 30/06/10, the threshhold is 1.20L and the payment is likely to exceed that amount.
01/07/10 onwards, no TDS, as the amount does not exceed the threshhold limit of 1.80L.
More opinion solicited.
01/07/10 onwards, no TDS, as the amount does not exceed the threshhold limit of 1.80L.
More opinion solicited.
07 April 2010
AGREE WITH MR. NAIK FOR 1ST 3 MONTHS THRESHOLD LIMIT TO BE TREATED AS RS 36K AND LAST 9 MONTHS AS 1.35 LACS. SO ANNUAL LIMIT RS 1.71 LACS
Rahul Gupta
(Expert)
07 April 2010
Agree. My point of View is same with the experts. Since its applicability is from 1.7.2010 NO TDS will be deducted only from 1.7.2010 onwards.
CMA Ramesh Krishnan
(Expert)
08 April 2010
agree with experts
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