Tds on rent paid

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2014 Dear All:

We have rent out our premises (one of the floors) to a nationalized bank.

On the rent of Rs 70K per month, they are deducting 20 percent as TDS. To my knowledge, this should be 10 per cent only, as per Section 194I.

Please let me know the correct position as per applicable rules. Is there another rule that mandates higher TDS?

Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

02 November 2014 have you submitted PAN to the Bank or not...in absence of PAN, 20% TDS will be deducted

Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2014 Well, we have given the PAN number.

The bank manager, in fact, said something to the effect that above Rs 50K per month rent, TDS of 20% is applicable, and above Rs 80K, TDS of 30% is applicable. And, it is 10% only if rent is below Rs 50K. Is this correct? Or, is she mistaken?

Thanks, again.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

02 November 2014 she is grossly mistaken.......

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

02 November 2014 Please ask the bank to show the provision for what they have said. You can show the provision of Section 194I. TDS should not be deducted more than 10%.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vijay Mishra

DEEPAK BHARGAVA

Ashish Agrawal

Sivakumar

Anoop

Subscribe Now

Tds on rent paid

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY

Article Assistant