Tds on rent
This query is : Resolved
KAMALAKANTA SAHU
(Querist)
02 January 2015
My company paid rent to its party mr.X from april to july @ 15,000/- per month, no tds deducted that amount as per section 194I limit 1,80,000/-. But from august to december paid 40,000/- per month & deducted tds 10% = 4000/-. My question is beginging four month 15000x4= 60000 in that amount tds will be deduction nor not & if deducted, interest will charged from which date. please clearyfy that subject.
02 January 2015
TDS required to be deducted on the amount of begining 4 months as well. Liability to deduct TDS will arise when threshold limit is crossed. So If TDS is deducted on entire amount in the month in which threshold limit is crossed and deposited on or before 7th of the next month then no interest is required to be paid.
Rupesh Jain
(Expert)
02 January 2015
you have to deduct the tds if you pay rent excess rs. 180000/- in a year to one person then you have to deduct the tds @ 10%.
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