Tds on rent paid

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2012 E.x - I was paying rent amount around 15,000/- p.m by cash i.e without any record in my books till 30-oct-2011. Now i done same agreement with the landlord and the rent amount is 30,000/- p.m and now i m making payment by bank and also thats effect on my books of account and not deduct tax on payment but lanlord told me to deduct tax now in the month of March for all of the previous month i.e start from 1-Nov-2011 & they take rent for last 5 month around 1,35,000/- and retain 15,000 with me for tds and told me that is tds on 1,50,000/-. so shall i m liable to deduct tds or not?? and if yes whts the procedure for the same?

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Guest (Expert)

17 March 2012 In this case tax is required to be deducted as the payment made exceeds the limit.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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17 March 2012 Before anything is to be decided your turnover should be above 60 lacs if you are individual or proprietor other wise you are not falling under the provisions of section 194I. If you are deducting then you should deposit the same within time by taking TAN Number otherwise you will be liable for interest and penalty.

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