Hello everyone
kindly help me solve following query.
suppose x an individual whose gross turnover in immediately preceding year was 1.5 crore pays rent of Rs 190000 to another individual for his residential house (taken on rent). is he required to deduct TDS as per 194 I or not?
Thanking in anticipation.
The limit is 180,000/- p.a to deduct TDS u/s 194i
If the residential house taken on rent is used for business purpose, then only TDS is applicable and would be deductible u/s 194 I
Agree with above replies,
The limit prescribed under section 194i TDS on Rent is 180000 p.a
Note - * Individual Or HUF has to deduct TDS if his Gross Receipts Exceeds the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such income by way of rent is credited or paid, shall be liable to deduct income-tax under this section.
individual is only liable to tds if his account is audited last year, other wise he is not liable to deduct tds, if his account is audited and he is paying rent above 180000/ of office purpose only he is liable to deduct tds
/forum/service-tax-reverse-charge-mechanism-267198.asp#.UlFSOCTIWDg
please answer this query as well
If residential house is taken on rent for official purposes and in name of proprietorship firm, only then tds has to be deducted otherwise there is no liability
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