Tds on rent

This query is : Resolved

AAYUSHI KHANDELWAL (Querist)
Follow

01 March 2014 Dear sir,

Is it necessary to deduct TDS on Rent from first cheque pay or deduct when rent amount exceed rs. 180000/-.

And what we do if we pay rent ammount from first month but TDS not deduct yet.
Can we deduct only fourth qtr for saving Rs. 200/- p.d penalty

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

01 March 2014 It is ur estimation that if Rent amount exceeds max. limit. It is better 2 deduct it frm starting to secure urself from Penalty.

AAYUSHI KHANDELWAL

AAYUSHI KHANDELWAL (Querist)
Follow

01 March 2014 Dear sir,

We already paid the amount of Rs. 36000/-p.m. against the rent exclude the tds amount.

Now we take TAN NO. (assessee is a firm)
If we deduct from 1st month then we will be liable to pay Rs. 200/- p.d. penalty

Can we due this amount total on 31st march 2014 and deduct TDS amount?
Another advice us to what we do to save money from penalty.

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

01 March 2014 U hv done the mistake so IT Dept. will not leave their money of TDS. So its Better 2 wait 4 the notice of the Dept. for the earlier quarter,4 not deduction of TDS. & start deducting from Nw.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok