Deduction of tds

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i want to know that when we have to deduct tds on rent of land.before the exemption limit or after the exemption limit..i have received three bills of rent of rs 50220, 50000,and 43548.should i deduct TDS or not
Replies (7)
If the total amount exceeds or is likely to exceed the exemption limit during a financial year then you must start deducting tds.

If total amount PAID or LIKELY TO BE PAID for the whole of FY exceeds Rs. 1,80,000/- then you must deduct TDS. Limit of 1,80,000/- shall apply for each recipient separately.

 

 

In case these are monthly or quarterly bills then the billing for entire year will definitely surpass Rs. 1,80,000/- hence you should deduct TDS

 

However if there won’t be any further billing then no liability to deduct TDS

 

 

(Note: I am assuming that all these bills are from same person)

If the amount of rent paid/credited during the financial year does not exceed Rs. 1,80,000, then no TDS is required to be deducted. If the amount of rent paid/credited or likely to be paid during financial year exceeds Rs. 1,80,000 then TDS is to be deducted on whole amount.

https://taxadda.com/income-tax/tds-tcs/tds-on-rent-sec-194i/

i agree , if you know ( say you have rent agreement) there'll be further billing and limit of 180000 will exceed in the year deduct tds on all bills otherwise there is no tds deduction requirement on you currently.

Thanks to all of  you.

One more most important thing you must know that liability to deduct TDS by payer in above said case shall attract only in case such payer (assuming individual or huf) had been subject to tax audit in immediately preceding previous year.......

Dear,

        TDS is required to be deducted @ 10% if amount exceeds or likely to exceeds 1,80,000/- during a financial year...


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