TDS U/s 194 IB
This query is : Resolved
23 December 2021
I am paying rent Rs. 65000/month to one of my friend. However as per Section 194IB I read as "The above said tax shall be deducted: when rental expense for the last month of the previous year or the last month of tenancy, if the property is vacated during the year is booked in books of accounts, or at the time of payment, whichever is earlier.
Further I will be deducting TDS in the month of February 2022 at 5% on Total rent payable for the year. (it will be as 65000 X 12 = Rs 780000/- and TDS will Rs 39000/-. Hence Net Rent paid for February 22 will be Rs 26,000/- (Rs 65,000 Less Rs 39,000/-)
Am i liable to pay Interest from April 21 to January 22?
Further I will be deducting TDS in the month of February 2022 at 5% on Total rent payable for the year. (it will be as 65000 X 12 = Rs 780000/- and TDS will Rs 39000/-. Hence Net Rent paid for February 22 will be Rs 26,000/- (Rs 65,000 Less Rs 39,000/-)
Am i liable to pay Interest from April 21 to January 22?
23 December 2021
No. No interest payable if TDS u/s. 194-IB over aggregate rent paid is deducted by March 2022.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- ETDS return q4 25-26
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- 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
- 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
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
