Urgent and very important
This query is : Resolved
CA Shruti Gupta
(Querist)
09 April 2015
Dear Members
Please make me clear that , payment made to university (Kanpur & Lucknow University) as rent of premises , will covered under tds ??
should bank , tenant , deduct tds on such payment ..
(as per section 10 of income tax act ,income of university is exempt for tax purpose)
Please make me clear that , payment made to university (Kanpur & Lucknow University) as rent of premises , will covered under tds ??
should bank , tenant , deduct tds on such payment ..
(as per section 10 of income tax act ,income of university is exempt for tax purpose)
09 April 2015
There is exemption for income u/s. 10, but no exemption provided under section 194-I.
Further, TDS on rent will applied only tenant and not landlord or owner as the case may be.
Therefore, tds provisions applies to the tenant.
Being, a bank tds at 10% should be deducted.
Further, TDS on rent will applied only tenant and not landlord or owner as the case may be.
Therefore, tds provisions applies to the tenant.
Being, a bank tds at 10% should be deducted.
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