TDS on Rent Advance / Deposit
This query is : Resolved
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
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
24 September 2008
Yes, you have to deduct TDS on advance rent as per provisions of sec.194I of Income Tax Act, 1961.
24 September 2008
Mr Goswami is correct.Pl read circular no 718 reported in 215 ITR (St) 68 for a detailed understanding.
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.
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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