Individual whose turnover for previous year exceeds Rs.1crores. So,TDS provision is applicable to him for current year.
if he made payment more than 50000 per month als
rent for his residential purpose,whether he has to deduct TDS under sec 194I or 194IB.
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TDS-194I or 194IB
Replies (13)
If he's liable to audit his books as per 44ab, then tds to be made under section 194I else under 194IB
When individual is paying rent of more than 50000/- p.m. he has to deduct TDS under 194IB @ 5%
Here turnover, audit, 44AB, all are not relevant.
Here turnover, audit, 44AB, all are not relevant.
@ sai prasanth
tds applicalble under section 194I.
exceeds 50000 but not Rs.240000.
tds applicalble under section 194I.
exceeds 50000 but not Rs.240000.
@ kapadia I think section 194IB is applicable only to non audit cases where rent payments are paid in excess of rs. 50000 per month.
All audit cases are required to deduct TDS at 10% under 194I if the aggregate of the rental payments exceeds 240000
Correct me if I'm wrong
@ Ramakrishnan
Thanks for seeking clarification.
it is clear from the query that time Assesee is an individual under tax audit.
But it's also provided he pays rent 50000/- for his residential purposes in his individual capacity and it is not business expenditure.
That's why 194IB @ 5% is applicable (and note 194I).
Hope it's clarified. Good day Sir
Thanks for seeking clarification.
it is clear from the query that time Assesee is an individual under tax audit.
But it's also provided he pays rent 50000/- for his residential purposes in his individual capacity and it is not business expenditure.
That's why 194IB @ 5% is applicable (and note 194I).
Hope it's clarified. Good day Sir
@ rama
sec 194IB is for individual.
and rs.50000 threshold limit.
rate of tds 5%.
sec 194IB is for individual.
and rs.50000 threshold limit.
rate of tds 5%.
Everybody knows 194IB section details. sanyasachi, Important is your reply with support. Do you agree with any of the above posts ? If yes please state so.
Sorry I didn't notice that rent was paid towards residential purpose
It's okay Mr Ramakrishnan sir
As turnover exceed 1 cry TDS u/s 194 I applicable.
@ Seethraman,
But sir it is also mentioned in the query that he pays rent 50000/- for his residential purposes in his individual capacity. And that's why 194-IB
Pl revert .
But sir it is also mentioned in the query that he pays rent 50000/- for his residential purposes in his individual capacity. And that's why 194-IB
Pl revert .
194 IB applicable in case turnover less than 1 crore where normal TDS provisions not applicable.
If TDS u/s 194 I is applicable @ 10% , then this needs to be deposited monthly?
If yes, deductee will receive form 16a and not 16C
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