TDS on rent
This query is : Resolved
CA Robin Betala
(Querist)
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%
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
(Expert)
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.
01-10-09 to 31/03/2009 10%.Rent you can not credit on the last date of the year.
CA Robin Betala
(Querist)
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
(Expert)
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
(Expert)
27 March 2010
agree with expert
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