Tds on rent for commercial organization
This query is : Resolved
Mujeeb Ahmed
(Querist)
26 August 2014
I am getting monthly Rent of Rs.15,000/-(Commercial Organization) and Total Rental Income PA is Rs.180,000/- on Total Income i,e Rs. 180,000/- 30% Standard Deductions is applicable Rs.180,000 - Rs.54,000 = Rs. 126,000/- is Net Income. My query is whether on my Gross Total Rental Income i.e Rs.180,000/- TDS is to be deducted by the Rent payer
Amol S Joglekar
(Expert)
26 August 2014
The section 194I says.....DOES NOT EXCEED...
SO? NO TDS ON YOUR AMOUNT TO BE MADE BY THE PAYER.
SO? NO TDS ON YOUR AMOUNT TO BE MADE BY THE PAYER.
26 August 2014
TDS not required to be deducted since threshold limit of Rs 1.80 lacs u/s 194I is not crosed.
Rupesh Jain
(Expert)
26 August 2014
no if your rent is more than rs. 180000/- in a year then tds to be deducted.
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