TDS on Rent from Leased Agricultural Land deductible or not
This query is : Open
25 January 2011
Assessee is a Pvt Ltd Comapny. It derives Income from Tea Garden, by producing and cultivating green Tea leaves. The tea garden is planted on a leased land for which the said co is paying annual rent at Rs 195000 p.a.
If the said company is laible to deduct Tax at source on Rent?
If the said company is laible to deduct Tax at source on Rent?
25 January 2011
TDS u/s 194I on rent will apply in this case.
25 January 2011
Yes, I agree since the word used in clause (b) and (c) of section 194I is "any land".
26 January 2011
But resp Sirs,
The lease rent paid for Agricultural Land is an agricultural Income to the recepient. Even then the payer is liable to deduct tax u/s 194I ??
The lease rent paid for Agricultural Land is an agricultural Income to the recepient. Even then the payer is liable to deduct tax u/s 194I ??
26 January 2011
Then the deductee has to obtain a certificate for "no deduction of income tax" from their jurisdictional Income tax officer under section 197 of the Income tax Act,1961 and submit to the deductor for not deducting tax under section 194I of the said act.
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08 April 2014
TDS to be made only on income chargeable to tax. Agriculture Income is not chargeable to tax. Hence no TDS is required. Please refer https://taxguru.in/income-tax/tds-on-exempt-incomes-especially-agricultural-income.html
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