Tds under section 194i
This query is : Resolved
23 May 2018
Assessee (audited) has taken two combined factory building on rent (owner of both factory building is different) and rent payable is Rs.30000 per month (payable Rs.15000 p.m. to each owner) which exceeds the basic exemption limit of Rs.1,80,000 if we consider total rent as per section 194I.
My question is whether assessee is liable to deduct TDS for rent payable as per section 194I ??
We have to consider rent cumulatively or separately for TDS purpose as rent paid to each owner does not exceeds the limit of Rs. 1,80,000
My question is whether assessee is liable to deduct TDS for rent payable as per section 194I ??
We have to consider rent cumulatively or separately for TDS purpose as rent paid to each owner does not exceeds the limit of Rs. 1,80,000
23 May 2018
In this case not liable.
Rent payable to a single owner/ single co-owner exceeds 180000/- then TDS is required to be deducted.
Rent payable to a single owner/ single co-owner exceeds 180000/- then TDS is required to be deducted.
23 May 2018
No need of TDS, because liability is linked per person.
23 May 2018
I have taken one factory building on rent Rs.30000 p.m. and sale deed of that factory is registered in the name of three different person so i am paying Rs.10000 separately to each three person , than liability to deduct tds is arise or not as total rent payable is of Rs.3,60,000 which exceeds the threshold limit of tds of Rs. 1,80,000.
23 May 2018
Again limit applies to each co-owner. Circular 715 (Q.21) dated 8-8-1995 may
be referred.
be referred.
Message likes :
1 times
23 May 2018
Yes... I agreed to Mr B Chackrapani warrier Sir...
As per above query.,
TDS will be deductible PAN based. If the rental paid to 3 owners then Limit will be calculate per person and if it's exceed above the ceiling limit (to 1 person above 1.80 Lakhs) then TDS will be deductible...
23 May 2018
@ Mr. B Chackrapani warrier Sir.,
Thank You for the reference...
24 May 2018
This query is resolved.
Experts are requested to assign "Resolved Status" to the query if they think that question raised in the query is resolved.
Experts are requested to assign "Resolved Status" to the query if they think that question raised in the query is resolved.
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
- CLOSING STOCK QUERY
- TDS on rent received on hardship compensation being rent on redevelopment of building
- ITR-Capital Gain
- Gst on travel by air for business purposes
- Query regarding reporting of exempt foreign remuneration in ITR
- Loss of interest in PF transfer from EPFO to Trust
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Taxation on Old jewellery sold
- NRI INSURANCE ADVISOR
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
