TDS on rent
This query is : Resolved
11 November 2009
TDS is not deductible if rent paid during the year does not exceed Rs 1,20,000/-
If the landlord increase the rent in the middle of year and total rent payable during a year exceeds Rs 1,20,000/- then TDS has to be deducted at what rate of 22.66% from 1/4/2009 to 31/8/2009 & 10% wef from 1/10/2009.
But what about late deduction of tds? whether tds has to be deposited with late interest? Can we recover the same from the party?
If the landlord increase the rent in the middle of year and total rent payable during a year exceeds Rs 1,20,000/- then TDS has to be deducted at what rate of 22.66% from 1/4/2009 to 31/8/2009 & 10% wef from 1/10/2009.
But what about late deduction of tds? whether tds has to be deposited with late interest? Can we recover the same from the party?
11 November 2009
If company its 22.66 if individual then 15.45 still oct 1st then as u said.If late payment then you have to pay interest 1% of month fail to make the payment within due date. 7th of every month is the due date to remit.
12 November 2009
But interest is to be charged from the date on which tax was deductible to the date on which it is actually paid. Ref :- section 201(1A).
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