Tds on rent

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KAMALAKANTA SAHU (Querist)
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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.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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

Rupesh Jain (Expert)
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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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