I got a doubt in the Latest TDS rates. Rent is up to July 9800/-pm, from Aug-09 onwards incresed to 15000/-pm.So, TDS applicable. Now How can i calculated the TDS and how much it will be the amount for the FY 2009-10. I need full calrification. In aug-09 tds deducted Rs.3075/-
Could you please clarify the same. from oct 1st I need to calculate 10% and 3% cess? or only 10% on the rent?
TDS on rent has to be deducted if amount of rent in a financial year is Rs. 1,20,000 or more.
TDS on rent of Land/Building/Furniture is to be deducted @ 20% + Surcharge + E.Cess, in case rent is paid to a person other than individual, HUF. This is valid upto 30th Sep.
W.e.f. 1st Oct. 2009, TDS in such cases is 10%. Surcahrge and E.Cess are not applicable to TDS.
Threshold limit of rent is Rs. 120000/- per annum, and new tds rate (effective 01.10.09) on land and building is 10% irrespective of all deductee. and no surcharge and cess is applicable. nly therefore effective rate is 10 %.
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