TDS on rent

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Preeti Gautam (Querist)
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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?

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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