One Of our Client pays Rent of Shop every year regularly ... He has not paid Rent from last two years as Co-owners are disputing for getting Rent... As per income tax whether rent exps. is allowable or not ???
Menu
Rent Expense
Replies (1)
Rent is a liability and need to be paid either now or latter.
If the rent paid is more than Rs. 1,20,000 then book the rent entry deducting TDS. Deposit TDS and show the remaining balance a payable in balancesheet.
If the rent paid is more than Rs. 1,20,000 then whole amount can be book no TDS required.
If TDS liability arised and no TDS dedcucted you can not claim expense.
Hope this helps.....................:)
Recent Topic
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
- Form 121 eligibility for non deduction of TDS for
- Gold/silver etf. STCG. how to decalre in ITR at s
- ITR-2 : cash income that does not fall under any h
- Debit note issued to supplier
Related Topics
CAclubindia
