26QC for paying TDS on rent

TDS 485 views 4 replies

Jaya

Others

87 Points Joined July 2015

dear all,

I have question on what data should be entered in 26QC for for 1 tenant and 2 landlords

Whether more than one Tenant/lessee/Payer (Yes/No) No

Whether more than one Landlord/Lessor/Payee (Yes/No) Yes

as per the rental agreement is between A and landlords X and Y where in A pays a rent paid is INR 60,000 to be shares equally between X and Y. So I understand 2 26QC forms need to be filed

one for A and X, and another between A and Y so at the end of the financial year when 26QC need to be files

what should be Total Value of Rent Paid (Amount in Rs.) : 60000 * 12 or 30000 * 12

Value of Rent Paid in Last Month (Amount in Rs.) : 60000 or 30000

Amount Paid/Credited (in Rs) 30000 * 12

Please help as I am very new to all this.

Thanks in advance.

regards

Jaya

Replies (4)

Saravanan nagaraj

463 Points Joined September 2019

How do you pay rent amount to each owner of the property ?

Do you pay total rent amount to X or Y?

Please let me know these details. Then I can give precise suggestions or advice.

I will be paying half the rent 30000 each each of the owner's bank account. So is TDS applicable as for each owner it is lessthan 50k. The rents will be transferred to each of their account based kn their share which os 50-50

Saravanan nagaraj

463 Points Joined September 2019

Please think about this transaction in your business point of view. Because, it may be your office rent payment to landlord. Your rent amount which is Rs.60,000/-

As per Income tax rules, If your rent payment more than Rs 50,000/- per month or Rs.2,40,000 per annum. You should deduct TDS u/s 194I @ 10% or 194I (B) @ 5%

If you don't your rent expenses will be disallowed by ITO or AO. Finally, you business will face tax burden.