TDS on rent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 May 2011
I have to pay rent for my industrial premises amounting to RS 4 lacs.This amount covers the rent due for the last 10 years owing to a dispute.
We have taken the rent due as expenses during the corresponding financial years.
Does TDS have to be deducted considering the rent for one year does not cross the threshold limit.
This Rent has to be paid to an individual.
If TDS is deductible what is the rate at which it should be deducted?
Thank you
We have taken the rent due as expenses during the corresponding financial years.
Does TDS have to be deducted considering the rent for one year does not cross the threshold limit.
This Rent has to be paid to an individual.
If TDS is deductible what is the rate at which it should be deducted?
Thank you
13 May 2011
Very tricky question. Please tell whether the TDS was deducted and deposited in earlier years while booking the Rent amount?
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 May 2011
No TDS was deducted when Rent was taken as expenses during the previous 10 years.
Kindly mention the Section or Circular of IT Act which will be applicable in this case
Thank you
Kindly mention the Section or Circular of IT Act which will be applicable in this case
Thank you
13 May 2011
If no TDS was deducted on account of Rent amount not crossing threshold limit. TDS not required to be deducted as the amount being paid relates to outstanding of earlier years which did not attracted TDS deduction.
Entry will be like this---
Say earlier outstanding Rs 350000/-
Rent A/C Dr ...50000
To Party A/c 50000
Party A/c Dr ....400000
To Bank A/c .......400000
TDS deduction not required.
Entry will be like this---
Say earlier outstanding Rs 350000/-
Rent A/C Dr ...50000
To Party A/c 50000
Party A/c Dr ....400000
To Bank A/c .......400000
TDS deduction not required.
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