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TDS on Rent

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(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
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Shyam Lal Naik

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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.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
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
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Rahul Gupta

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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.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 April 2010 agree with experts
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