TDS on rent

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CA Robin Betala (Querist)
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25 March 2010 If a firm crediting the amount of rent to tenant a/c on the last day of year in 2009-10 for the whole year which rate of tds is applicable.

As there are two rates for the year

1-04-09 to 30-09-2009 15%
01-10-09 to31/03/2009 10%

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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25 March 2010 Rent is to be paid/payable on monthly basis, if your following accrual basis of accounting. so, deduct tax from 1-04-09 to 30-09-2009 15% + 3% EC and from
01-10-09 to 31/03/2009 10%.Rent you can not credit on the last date of the year.

CA Robin Betala

CA Robin Betala (Querist)
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25 March 2010 What about the provision of section 194 I which say tds is to be deducted on payment or credit which ever is earlier.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 March 2010 It is accural basis.you are not accounting the expenses in time is your mistake.the TDS rate will applicable the respectiv rate for the respective period

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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27 March 2010 agree with expert

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