TDS on Rent

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2010 I am paying a rent of Rs. 80000/- p.m. my gross receipt from business & profession in F.Y. 2009-10 is 4265300/-. and my gross receipts from B & P in 2008-09 is 2469500/-. Whether i m liable to deduct tds in F.Y.2009-10 or i will liable to deduct TDS in F.Y. 2010-11.

Because as per 194 I if any individual comes under tax audit immediately preceding year. then he has to deduct tds.
Please clarify this. i m not understanding the provision.

DEEPAK KHANDElWAL

Jitender

Jitender (Expert)

23 August 2010 u will be liable to deduct TDS in f.y. 2010-11

Aditya Maheshwari

Aditya Maheshwari (Expert)

23 August 2010 The party liable to pay rent has to deduct TDS @ 10% in case amount of rent exceeds Rs. 180,000/-.

CA Sanat Pyne

CA Sanat Pyne (Expert)

23 August 2010 yes as you are liable for tax audit you have to deduct tds deduct TDS @ 10% in case amount of rent exceeds Rs. 180,000/-.

sudhakar ca cwa

sudhakar ca cwa (Expert)

23 August 2010 HOW HE IS LIABLE FOR TAX AUDIT
BECAUSE THIS INCOME IS COME UNDER INCOME FFROM HOUSE PROPERTY AND NOT BUSINESS OR PROFESSION.

Aditya Maheshwari

Aditya Maheshwari (Expert)

23 August 2010 His gross receipt in F.Y. 2009-10 is 4265300/- whereas he is paying rent Rs. 80,000 p. m. and not receiving.

TDS liable to be deducted w. e. f. 01.04.2010.

Guest

Guest (Expert)

23 August 2010 why tds is not to be made during f.y.9-10??

If assessee is required to get his accounts audited then he has to deduct tax at source and as his income is more than 40 lacs he is required to get his accounts audited for f.y. 9-10.

please give justification

ARVIND GUPTA

ARVIND GUPTA (Expert)

23 August 2010 YOU ARE NOT REQUIRED TO DEDUCT TDS IN FY 2009-10 AS YOU ARE NOT COVERD U/S 44AB IN FY 2008-9,BUT FOR FY 2010-11 YOU HAVE TO DEDUCT TDS

Guest

Guest (Expert)

24 August 2010 you mean during the year ending 09 tax audit will not be required even if your turnover is exceed the limit prescribed u/s. 44AB...

Aditya Maheshwari

Aditya Maheshwari (Expert)

24 August 2010 In case of an individual the assessee in liable for tax deduction at source in case he is liable for tax audit in the previous financial year not otherwise.

SO it liable for tax audit in F. Y. 2009 - 10 then TDS liable w. e. f. 01.04.2010.

SANDEEP AGGARWAL

SANDEEP AGGARWAL (Expert)

26 August 2010 I Hope limit of 40,00,000/- has been revised to Rs 60,00,000/- in finance act 2010. otherwise also tds on rent is liable only when it exceeds 180000/-. So no tds is deductible