TDS on Rent
This query is : Resolved
09 May 2009
I have recived 2 monts (feb & march) Rent bill of Rs. 60000/- month Plus service Tax.
I have to deduct TDS on It Or Not.
Bill
Rent Feb & March- 120000
Service Tax 12360
Bill amount 132360/-
Q- Tds deduct or not
Because in 194 I specify if rent Exceeds 120000/-.
I have to deduct TDS on It Or Not.
Bill
Rent Feb & March- 120000
Service Tax 12360
Bill amount 132360/-
Q- Tds deduct or not
Because in 194 I specify if rent Exceeds 120000/-.
09 May 2009
Tax need not be deducted.
09 May 2009
As per proviso to section 194I the TDS is not required to be deducted if the rent paid/ likely to be paid does not exceed Rs 120000 in a financial year. A per the clarification issued by CBDT on the deduction of TDS on service tax payable on rent, service tax is not treated as rental income of the payee, hence the rent paid in your query remains only Rs 120K. No Need to withhold Tax on rent payment in the stated Financial year.
09 May 2009
The clarification referred by Mr.Rajesh is circular no 4/2008 dated 28th April 2008 reported in (2008) CTR 269(St). Can be down loaded from www.incometaxindia.gov.in also.
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