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Tds on rent

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2013 SIR

PLEASE LET ME KNOW IF I TOOK A PREMISES ON RENT AND PAYING 55000/ PER MONTH BUT FORGET TO DEDUCT TDS ON IT ,FOR LAST FIVE MONTH ,CAN I DEDUCT THE SAME FROM NOW AND WHICH RATE OF TDS WILL BE APPLICABLE AND INTEREST WILL BE APPLICABLE OR NOT

THANKS & RGDS

MUKESH KUMAR

CA Mahavir Shah

CA Mahavir Shah (Expert)
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27 February 2013 If you were liable for Tax Audit in the previous year and you have taken it on rent for other than your own residential than you are required to deduct TDS on rent.

Now if it was for other than residential purpose than you have to deduct TDS from the next Rent due and deposit the same.
For non-compliance you are liable for Interest @ 1.5% per month or part of the month.

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