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Tds deducted but not deposited

TDS 244 views 2 replies
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2 Points Posted on 30 May 2017

TDS dedcuted on rent by the dedcutee ( an individual paying rant more than Rs. 150000 in a F.Y.)but not deposited with the department,

please inform the provisons for invoking penalty and prosecution against the deductee under I.T. Act 1961 

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On 30 May 2017 at 17:38 Report
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Student CA Final
42 Points Posted on 30 May 2017
First of all, tds on rent is to be deducted only when the annual rent received is more than 1,80,000. But as in your case tds has already been deducted so the deductee is liable to pay interest @ 1.5% for each month.
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On 30 May 2017 at 18:35
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Job
1865 Points Posted on 30 May 2017
Since the threshold limit for deduction of rent is Rs 180000 in a financial year you are not liable to deduct TDS. You may refund the TDS to landlord as soon as possible in order to avoid any penal consequences.
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On 30 May 2017 at 22:24


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