LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Lady prop: tds on rent

venu (STudent) (75 Points)

13 August 2011

Hello Members

Question: A Lady Proprietor selling sarees in a residential house ( Ofcourse registered under Shop and Establishment Act in the labour department) is paying rent of Rs 15500 per month.

Till now no TDS has not been deduted. Can the previous TDS deduction can be made on march.?

As she is a lady proprietor having a PAN Card , Shop and Establishment registration and does not have any TAN or other

How does she will deposit TDS in Govt Account

Please give suggestions

Reply
Follow
Share

6 Replies

Shreya Aggarwal (Student) (125 Points)
Replied 13 August 2011

TDS is required to be deducted by her only when the books of accounts of her business are liable to be audited. She can declare net profit of 8% or more (if gross turnover is less than Rs. 60 lakhs) and escape the audit.

1 Like

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 14 August 2011

she gets liable to deduct TDS on rent when she get liable to get her books audited u/s 44AB in previous year,

unless she is covered under tax audit, TDS deduction by her is not eligible

CA Saiyum khan (Practicing CA) (685 Points)
Replied 14 August 2011

She will be liable to apply for TAN only when her books of account of the previous year had been audited U/s 44AB.

Ashok J (CA Final) (880 Points)
Replied 14 August 2011

For FY 09-10 if she is covered under tax audit, TDS provisions are applicable to her for FY 10-11. If she doesnt have TAN, apply for it first and then remit the TDS amount......