Tds on rent
This query is : Resolved
03 May 2018
Sir/Mam,
If Rent Crossed Rs. 50,000/-above TDS to be Deduct, if we want pay challan monthly or yearly and also filing yearly or monthly please clarify these doubts
Thanking you
If Rent Crossed Rs. 50,000/-above TDS to be Deduct, if we want pay challan monthly or yearly and also filing yearly or monthly please clarify these doubts
Thanking you
CA. Mohit chaturvedi
(Expert)
03 May 2018
As per the newly inserted section 194IB, if any individual or HUF makes payment for Rent being Rs.more 50 thousands then he is liable to deduct TDS on the entire sum in the month earlier of :-
If tenant vacates the house then in the month when he is vacating and
Every March month of the year
whichever is earlier.
There is no exemption to the Individual and HUF who are not covered in Tax audit u/s 44AB of the Act also.
If tenant vacates the house then in the month when he is vacating and
Every March month of the year
whichever is earlier.
There is no exemption to the Individual and HUF who are not covered in Tax audit u/s 44AB of the Act also.
CA. Mohit chaturvedi
(Expert)
03 May 2018
TDSis to be deducted once in a year only and deposition will be as similar to other TDS deposition.
04 May 2018
sir,
Thank u for your reply but I am having doubt so we have to deduct tax every month and deposit before 7th of every month or totally pay at march please clarify
Thanking you
Thank u for your reply but I am having doubt so we have to deduct tax every month and deposit before 7th of every month or totally pay at march please clarify
Thanking you
CA Ankit R Momaya
(Expert)
04 May 2018
Dear Archana,
You can pay the entire amount in March, unless the tenancy ends during the course of Financial Year.
The challan cum return statement in Form 26QC needs to be filed annualy
You can pay the entire amount in March, unless the tenancy ends during the course of Financial Year.
The challan cum return statement in Form 26QC needs to be filed annualy
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04 May 2018
Thank your for your reply Mr. Ankit form 26QC available in Traces, what is the procedure to file this
CA Ankit R Momaya
(Expert)
04 May 2018
You will get Form 26QC in Challan cum Return form from the following link
https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
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