TDS ON RENT 194I OR 194IB
This query is : Resolved
15 March 2023
A PROFESSIONAL FILED ITR U/S 44ADA LAST YEAR BUT WISH TO GET AUDITED THIS YEAR, HIS TURNOVER IS LESS THAN 50LACS BUT PAYS A RENT OF ABOVE 50000 PER MONTH FROM THIS YEAR , SO IN SUCH CASE HE HAS TO DEDUCT TDS @5 % U/S 194IB?
THANKS IN ADVANCE
THANKS IN ADVANCE
15 March 2023
Yes, you are correct; should deduct TDS u/s. 194 IB of IT act.
15 March 2023
Thanks sir, 1 more thing tds to be deposited once for whole year after deducting it from last month rent or to be deposited monthly from each month rent.
15 March 2023
It can be deposited once in last month.
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