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OUTSTANDING RENT

HANNAN SHAIK (291 Points)

10 March 2020

Can OUTSTANDING RENT be deducted under section 194I???
kindly reply

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14 Replies

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 10 March 2020

No... That's booked already in previous month's rental...

Is already deducted or not...?!

is now reached the ceiling limit or already TDS deduction going in the rent...?

HANNAN SHAIK (291 Points)
Replied 10 March 2020

Rent value around 3lacs is outstanding this month.... shall I deduct??

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 10 March 2020

We can't deduct TDS on outstanding amount... right...?!

Ask clearly Your query...
If TDS not deducting from April and now it's reached ceiling limit then You can deduct TDS.
But, Not paid rental amount and it's outstanding then we can't deduct TDS on outstandings...

sabyasachi mukherjee (26047 Points)
Replied 10 March 2020

This is income tax assesment year..

please be clear about your queries..

Kapadia Pravin (17249 Points)
Replied 10 March 2020

TDS on rent under 194I is to be deducted by payer at the time of payment of rent or at the time of providing for outstanding rent entry, whichever is earlier.

So TDS is ought to be deducted when you provide for rent payable / outstanding rent .

TDS is required to be deducted not on paid basis but it's on paid or payable basis whichever is earlier

Note that upto rent amount of 240000/- per year, there is no TDS to be deducted.

The query is clear and hope it's resolved.

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 10 March 2020

Rent outstanding payable to tenant in last three years and it's Rs 2.50 lakhs then Mr Expert will deduct TDS in three years outstanding balance amount...😇😇😇😇

@ Mr HANNAN SHAIK.,

TDS not applicable to any of the sections for "OUTSTANDING BALANCE"

***query is cleared or uncleared but it's from querist satisfaction. not to self trumpeted...

Kapadia Pravin (17249 Points)
Replied 11 March 2020

My reply post is clear cut even for a layman.
One can re-read it thoroughly.
----
It's how one interprets and apply own assumptions. Trumpeting /roaring is of no use.

sabyasachi mukherjee (26047 Points)
Replied 12 March 2020

A layman can't understand Sec 194I.
he can only understand when to pay tax.
accrual or payment whichever is earlier....

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 12 March 2020

Welcome Mr Sabyasachi Mukherjee Jiii...
(I know Your activities in CCI, how you act to queries)

Okay okay... A layman can't understand sec 194I...
But, Great Professionals (only on profile captions, not in activities. I saw in many more replies) can't understand OUTSTANDING payments. If it's 3years outstanding or 2year outstanding...
May be professionals ((only on profile captions, not in activities) deduct TDS on outstanding payments in case it's already deducted TDS.
Bcoz, Professional ((only on profile captions, not in activities) deduct TDS on outstanding payments.

Why deduct TDS on outstanding payments if already deducted...?
Bcoz, they are professionals ((only on profile captions, not in activities) and they act correctly as professionals...

Kapadia Pravin (17249 Points)
Replied 12 March 2020

Re above two posts -

Great sense applied.
Interpreting is free.
I dumped above two posts and ignored. No time !!!

Further no one knows second chap what is he ?
I am not interested to know what is he ?
But better for readers who the chap is responding under Others category ??

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 12 March 2020

(What is he...?)
before asking think about Yourself as
"who am I" & "What is my position" & "How to be a professional if really professional qualifications"...

Kapadia Pravin (17249 Points)
Replied 12 March 2020

All guess work in multiple posts by above chap
ignored. okay

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 12 March 2020

Yeahhhh... Same think...

Guess work... Ignored...

sabyasachi mukherjee (26047 Points)
Replied 16 March 2020

DEAR SASHANK

YOU CAN DEDUCT OUTSTANDING RENT IN THE FOLLWING CASES:

WHEN U KNOW THE SECTION THAT MEANS U KNOW..

SEC 194I

RENT OF PLANT AND MACHINERY
RENT OF LAND OR BUILDING

OUTSTANDING MEANS THE RENT IS NOT YET PAID.

IT IS YET TO BE PAID..
TDS IS DEDUCTED ON THE BASIS OF PAYMENT OR BOOKING OF BILLS IN ACCOUNTING SOFTWARE WHICHEVER IS EARLIER..

I HAVE PURPOSELY MENTIONED LAYMAN IN MY EARLIER REPLIES BECOZ..
1. WHEN WE RENDER ADVICE WE DO NOT READ THE SECTION DETAILS BUT GENERALLY WE MENTION THE PROVISION..
THAT DOES NOT MEAN I AM A LAYMAN.

KAPADIA UR COP IS OUTDATED...

WE RESPECT EACH OTHER.