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What is the slab for house rent to deduct tds

484 views 5 replies

sunil marata

Bank employee

25 Points Joined October 2015

Sir/Madam. . I want to know what is the Slab for deducting TDS on house rents paid by banks to it's employees as leased accommodation. .

Replies (5)

Karthik.V.Kulkarni

Chartered Accountant

594 Points Joined December 2012

Tds should be deducted if rent to a single person exceeds rs 180000. But if it is in form of allowance to employees or peruisites to employees it shld be included in salary of employees and deducted u/s 192 if salary of employee exceeds slab rate.

CA Kumar Mukesh

CA CMA FINAL and Advance Excel Trainer

6886 Points Joined December 2009

Bank need to deduct TDS under section 194-I, if rent paid during the year is exceeds or expected to exceedss Rs 1,80,000/- per owner/co-owner, if any.

Thanks you ...

Guest

hi Sunil

I think there shouldnt be any TDS deducted as u already include the HRA in the salary (and u deduct TDS from salary)

the Employee while paying the "Owner of the house" will deduct TDS

Guest

exactly.. so in short, the Bank while paying HRA should not deduct TDS (as it is aldy getting deducted from salary as HRA)

my question is "Should the employee deduct TDS while paying the owner of the house ?"

Danish

GST Practitioner

219 Points Joined March 2014

Tds Should be Deducted 194I If The person Who is Paying Rent Is Assessable For Tax (ie Companies & Firms) & If It Exceeds Or Expected To Cross 180,000/- per anum

If The Company Directly Paying Rent To Its Staff Qtrs Company Can Deduct TDS On The Rent

It Should Not Be Deducted From Salary...