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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- MSME disclosure and disallowance
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
