Tds on rent
This query is : Resolved
Manoj Prasad
(Querist)
13 December 2013
A PROPRIETOR HAS PAID RENT FOR
1- PLANT AND MACHINERY RS. 700000/-
2- LAND & BUILDING RS. 500000/-
TOTAL 12 LAKH..NOW WHAT WILL BE RATE OF
TDS DEDUCTION ON RENT FOR ABOVE BOTH ..RENT PAID...REGARDS ..
1- PLANT AND MACHINERY RS. 700000/-
2- LAND & BUILDING RS. 500000/-
TOTAL 12 LAKH..NOW WHAT WILL BE RATE OF
TDS DEDUCTION ON RENT FOR ABOVE BOTH ..RENT PAID...REGARDS ..
13 December 2013
u/s 194-I proprietor liable to deduct tds as per bellow
1)plant & machinery - 2%
i.e) 700000*2/100 = 14000/-
2)land & building - 10%
i.e) 500000*10/100 = 50000/-
1)plant & machinery - 2%
i.e) 700000*2/100 = 14000/-
2)land & building - 10%
i.e) 500000*10/100 = 50000/-
Nikhil Kaushik
(Expert)
13 December 2013
in addition to Trinath's advice, please note that 194-I shall apply to a proprietor only if tax audit applies.
13 December 2013
In addition to Nihkil's reply the tax audit should have been conducted for previous FY in case of proprietor.
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