Tds on rent paid, premium paid under keyman policy
This query is : Resolved
23 October 2011
WHETHER TDS IS TO BE DEDUCTED(Y E 31-3-2009) FOR TOTAL PAYMENT OF RENT OF RS.1,80,000 TO FIVE PERSONS OWNING THE PROPERTY.RENT PAID EACH RS.36000/-P.A.
UNDER WHICH SECTION OF I.T THE PREMIUM PAID UNDER KEYMAN POLICY IS ALLOWED AS AN EXPENSE.POLICY TAKEN BY THE PARTNERSHIP FIRM FOR PARTNERS AND PREMIUM PAID BY THE FIRM
K.VENKATTRAMAN
UNDER WHICH SECTION OF I.T THE PREMIUM PAID UNDER KEYMAN POLICY IS ALLOWED AS AN EXPENSE.POLICY TAKEN BY THE PARTNERSHIP FIRM FOR PARTNERS AND PREMIUM PAID BY THE FIRM
K.VENKATTRAMAN
23 October 2011
as per sec 194I tds required to be deducted if aggregate of the amounts credited or paid during the financial year to the account of payee exceeds Rs.180000...but in your case 120000...but in above case amount paid to the a/c of payee less than 180000 i.e 36000. so tds not required to be deducted..but it is exceptional case how we can paid rent to diffrent person.
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