Tds on rent.
This query is : Resolved
16 April 2012
PVT. LTD. CO. PAYING RENT OF OFFICE RS. 17,500/-(JUN-2011) & RS. 25,000(FROM JULY 2011 - MARCH -2012) TOTAL RENT PAID RS. 2,42,500/- . THE OWNER OF THE PREMISES IS HAVING AGE APPROXIMATELY 72-75 & HAVING NO PAN. T.D.S SHOULD BE DEDUCTED ON RENT OR NOT AS HE IS SENIOR CITIZEN HAS NO OTHER SOURCE OF INCOME. SLAB RATE OF SENIOR CITIZEN IS RS. 2,50,000.
16 April 2012
TDS to be deducted once it exceed the exemption limit i.e. 180,000/-. Though owner is senior Citizen, TDS is to be deducted by you. In this case, Owner should obtain lower / nil deduction certificate from ITO and submit the same to you.
16 April 2012
since total rent paid exceeds rs 180000 hence tax deductible. no matter the total income of receipient is not taxable
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
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16 April 2012
agree with both experts,
194I for Rent will apply. its doesn't matter with the category of deductee if rent excess to 1,80,000/- tds need to deduct by deductor @ 10% except Service tax
194I for Rent will apply. its doesn't matter with the category of deductee if rent excess to 1,80,000/- tds need to deduct by deductor @ 10% except Service tax
16 April 2012
If owner have pan no. you should deduct 10% tds otherwise 20% tds should be deduct
16 April 2012
TDS is deductible.
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