PAN number on rent reciepts

The Income Tax is deductible if anybody pays the rent in excess of Rs.1,20,000/- p.a.. However, the TDS is deductable when your accounts are required to be audited u/s 44AB (i.e. crossing of annual turnover of Rs. 40 lakhs in case of business and Rs. 10 lakhs in case of professional).

While deducting the TDS, the PAN Number of the payee is required for issue of TDS certificate and filing of TDS return (if accounts are required to be audited).

In your case, there is no need of TDS and no need to obtain the PAN Number/PAN card copy.

I

Mr Thomas

Your query is common among many people. As far as concerned TDS on rent u/s194I , this section is not applicable on individual. And the guy who told u abt PAN no. is something is not logical.

Tell him that PAN no, is not required on rent receipts becoz Income tax act doesn't require any such things mandatory.