tds on rent
This query is : Resolved
16 July 2017
sir one of my client is a partnership firm. they paying monthly rent of rupees 70000 per month .reciver is a private limited company. i think the tds limit on rent is 180000/-.now i pay alredy one month rent. when will i diduct that tds only after limit of 180000 or from now ?what is the rate of tds ?
16 July 2017
You have to deduct now @5% in Sec 194 IB.
16 July 2017
now means the 2nd time rent ? madom is the tds on rent is 5% or 10% ?
16 July 2017
As your monthly rent us more than Rs.50000/-, newly inserted Sec 194IB applicable on you.
So 5% is reduired to deduct.
16 July 2017
No limit in Sec 194IB.........
17 July 2017
Please note that Section 194-IB is applicable only to Individuals and HUFs who are not required to get their books audited u/s 44AB. All other assessees, including partnership firms, such as your client, are required to deduct TDS u/s 194-I if rent paid exceeds Rs. 1,80,000/-. The rate of TDS is 10%.
If the total payments during the year are expected to exceed Rs. 1,80,000/- then you should deduct from the very first payment itself. Now that you have omitted to deduct TDS on first months rent, please do so at the time of deducting TDS from the second months payment. Therefore you will now deduct TDS for second month as well as arrears of TDS from payment being made.
If the total payments during the year are expected to exceed Rs. 1,80,000/- then you should deduct from the very first payment itself. Now that you have omitted to deduct TDS on first months rent, please do so at the time of deducting TDS from the second months payment. Therefore you will now deduct TDS for second month as well as arrears of TDS from payment being made.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Share accounting-->fifo - capital gain - period as per fifo?
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
