Dear sir main Apne restraunt ka ek mahine ka rent 26000 pay karta hu to kya mujhe TDS kaatna zaruri hai aur kis tarah mai TDS kaat sakta hu please guide kare
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Quick Summary
This discussion clarifies whether TDS needs to be deducted on restaurant rent payments. While a threshold of £50,000 per annum generally applies for rent, if the total rent paid by a business exceeds £240,000 in a financial year, TDS deduction under Section 194-I is mandatory. The process involves obtaining a TAN, depositing the TDS via Challan 281, and filing a TDS return.
Yes you need to deduct tds u/s 194 I as the threshold limit is 240000, you need to apply for TAN after receiving TAN deposit challan 281 through this link https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and after 3 days file return of TDS..
@ Asha Kant Sharma Ji, he is talking about rent of his restaurant not of residential.