TDS on Rent u/s 194I
This query is : Resolved
21 March 2011
In case of one client, the client when he entered into rent agreement has given a interest free deposit(equivalent to 6 months)which was 5 years before. Now the client from Oct 2010 is not paying the rent but he adjusting it against the deposit, by debiting the rent A/c & crediting the deposit A/c. Should TDS on rent be deducted?
21 March 2011
yes tds would be deducted
21 March 2011
Yes, since 194I has to be applied either at the time of credit or at the time of payment which ever is earlier.
21 March 2011
please check also that tds has not been deducted on deposit at time of received of deposit (Adjustable Security)
21 March 2011
Navin Ji has referred the circular 718 dated 22/8/1995.
21 March 2011
Thanks sir Ji, I request to u please donot mentioned the word ji after my name.
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