Dear esteemed Prof. ,
One of my client paid rent advance rs. 51,00,000/- now as per vacation notice period of 6 months, he wants to adjust against advance ( no payment of rent by cash or bank), as the owner will not re - paid advance money, client wants to adjust it to advance, in this process tds has to be deducted or not?
If yes, as we have to adjust rs. 51,00,000/- what we have to do,
owner informs just adjust against advance, i neen not require form 16A,
It is mandatory for your client to deduct the tax at source on six months rent to be adjusted from advance (deposit). If he dont deduct, he will not be entitlled for deduction of rent for the last six months as a business expenditure.
I AGREE WITH SATISH
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