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TDS on Rent of commercial Property

This query is : Resolved

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Deepak Bhayani

Deepak Bhayani (Querist)
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12 September 2009 Can someone tell me that at what rate bank can deduct TDS from my rent as I am indivisual.
Bank is still deducting 16.995% TDS in current year whether is legal

CP Ram (Expert)
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12 September 2009 For the f.y. 08-09:
TDS rate on rent:
Tax 15%
Surcharge @ 10% (if aggregate amt exceeds rs.10 lakhs)
Education cess @ 3%

For the f.y. 09-10 (upto 30/09/09):
TDS rate on rent:
Tax 15%
No surcharge and education cess.

For the f.y. 09-10 (from 01/10/09):
TDS rate on rent:
Tax 10%
No surcharge and education cess.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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12 September 2009 w. e. f. 01.10.2009 -10%

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