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TDS on Rent Advance / Deposit

This query is : Resolved 
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(Querist)
24 September 2008 Dear Sir,

Our Company has taken a premises on lease @ 40000/- P M we have paid Rs.2,40,000/- as Rent Depost / Advance Rent for 6 Months @ 40000/- our auditor asks TDS should be depost on Rent Deposit / Advance Rent also please clarify waht is coorect
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CA Pawan Goswami

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CA Pawan Goswami (Expert)
24 September 2008 Yes, you have to deduct TDS on advance rent as per provisions of sec.194I of Income Tax Act, 1961.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 September 2008 Mr Goswami is correct.Pl read circular no 718 reported in 215 ITR (St) 68 for a detailed understanding.
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Sachin Jain CA, CS, CWA

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Sachin Jain CA, CS, CWA (Expert)
24 September 2008 Yes, You have to deduct TDS as it has to be deducted at the time of payment or recognition of liability whichever is earlier.
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Pranesh

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Pranesh (Expert)
24 September 2008 Dear Sirs - What would be the case if the rent advance is refundable at the time of vacating premises
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Jitender

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Jitender (Expert)
24 September 2008 refundable advance is not subject to tds.
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