Tds on rent payment in cash or not ?
This query is : Resolved
18 January 2015
Hi,
My respected Sir/Madam & my dear freind,
I'm just confuse about TDS on rent for this i want ask to all.
Me and My freind are renting an apartment and our landlord says he requires payment in cash, not cheque. He says he's happy to write me a receipt. Every other place I've lived they've accepted cheques. Is this common? Is there anything I need to be aware of? Is there note to TDS?
My respected Sir/Madam & my dear freind,
I'm just confuse about TDS on rent for this i want ask to all.
Me and My freind are renting an apartment and our landlord says he requires payment in cash, not cheque. He says he's happy to write me a receipt. Every other place I've lived they've accepted cheques. Is this common? Is there anything I need to be aware of? Is there note to TDS?
18 January 2015
If you are an individual liable for tax audit u/s 44AB (based on turn over) you need to deduct TDS on rent payment exceeding Rs 1,80,000. If you are claiming HRA and rent payment to the land lord is exceeding 1 lakh PAN of the land lord is required.
If you are not falling in any of the above and you are not claiming the rent payment as expenses no problem in making cash payment.
If you are not falling in any of the above and you are not claiming the rent payment as expenses no problem in making cash payment.
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