TDS ON RENT U/S 194-I
This query is : Resolved
13 July 2010
I HAVE A QUARY:
THE COMPANY WAS PAYING LEASE RENT OF RS.9000 ON BEHALF OF EMPLOYEE TO THIRD PARTY FROM 1-4-2009, IN THAT F.Y. MAXIMUM LIMIT FOR DEDUCTION OF TDS WAS RS.120000 P.A.,SO THE CO.DID NOT DEDUCT TDS BECAUSE IT WAS NOT EXCEEDING MAX LIMIT,BUT NOW IN F.Y.2010-11 LEASE RENT WAS REVISED W.E.F.01-04-2009 OF RS.14000 P.M. THE THIRD PARTY GOT THE ARREAR OF RS.70000 IN JULY-10 RELATED TO F.Y.2009-10 BUT IN F.Y.2010-11 THE LIMIT IS RS.180000,IF WE ADD RS.70000+14000*12 THEN IT EXCEEDS RS.180000 THEN CO.HAVE TO DEDUCT TAX NOW I WANT TO ASK ON WHICH AMOUNT CO.IS REQUIRED TO DEDUCT TAX ,CAN CO.DEDUCT TAX ON AMOUNT PAID IN F.Y.2009-10 PLEASE HELP ME ON THIS ISSUE
THE COMPANY WAS PAYING LEASE RENT OF RS.9000 ON BEHALF OF EMPLOYEE TO THIRD PARTY FROM 1-4-2009, IN THAT F.Y. MAXIMUM LIMIT FOR DEDUCTION OF TDS WAS RS.120000 P.A.,SO THE CO.DID NOT DEDUCT TDS BECAUSE IT WAS NOT EXCEEDING MAX LIMIT,BUT NOW IN F.Y.2010-11 LEASE RENT WAS REVISED W.E.F.01-04-2009 OF RS.14000 P.M. THE THIRD PARTY GOT THE ARREAR OF RS.70000 IN JULY-10 RELATED TO F.Y.2009-10 BUT IN F.Y.2010-11 THE LIMIT IS RS.180000,IF WE ADD RS.70000+14000*12 THEN IT EXCEEDS RS.180000 THEN CO.HAVE TO DEDUCT TAX NOW I WANT TO ASK ON WHICH AMOUNT CO.IS REQUIRED TO DEDUCT TAX ,CAN CO.DEDUCT TAX ON AMOUNT PAID IN F.Y.2009-10 PLEASE HELP ME ON THIS ISSUE
13 July 2010
Hi
Actually TDS is to be deducted at the time of credit to payees account or actually paid which ever is eariler...so 70000 will be accounted in 2009-10..In that year no question of TDS... U no need not include arrears while calculating threshold limit... I hope it is clear....
Actually TDS is to be deducted at the time of credit to payees account or actually paid which ever is eariler...so 70000 will be accounted in 2009-10..In that year no question of TDS... U no need not include arrears while calculating threshold limit... I hope it is clear....
13 July 2010
Not agreed with experts.
Here is payment is made as well as credit to account in FY 2010-11.
Rs.70000/- will be accounted in FY 2010-11 as arrear of rent.. It will be added in current year Threshold limit, And you have to deduct TDS also.
Here is payment is made as well as credit to account in FY 2010-11.
Rs.70000/- will be accounted in FY 2010-11 as arrear of rent.. It will be added in current year Threshold limit, And you have to deduct TDS also.
13 July 2010
In july you have deduct tds on
arrear paid plus Rent paid till july
arrear paid plus Rent paid till july
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