Mr.x is a landlord and Mr.y is a tenant ,mr.y pay house rent to mr.x Rs.30,000/-P.M ,Mr.y can deduct tds on this amt. both are individual and mr .y is a salary person. What is the tds treatment in this condition. Please help.
Thanks in advance.
Mr.x is a landlord and Mr.y is a tenant ,mr.y pay house rent to mr.x Rs.30,000/-P.M ,Mr.y can deduct tds on this amt. both are individual and mr .y is a salary person. What is the tds treatment in this condition. Please help.
Thanks in advance.
"mr .y is a salary person."
According to the provisions of sec 194 I , individual not liable to tax audit u/s 44AB can not deduct tax at source
If Mr. Y does not has any income u/h PGBP and/or not liable to tax audit then he can not deduct tax @ source
TDS u/s 194 I - TDS on Rent
Mr. Y must take TIN no. From NSDL
Fisrt month no deducted tds full payment Rs 30,000
May month no deducted tds full payment Rs 30,000/-
June month No deducted tds full payment Rs. 30,000/-
july """""""""""""""""""""""""""""""""""""""""""""""""""""Rs. 30,000/-
aug"""""""""""""""""""""""""""""""""""""""""""""""""""""Rs.30,000/-
Sept"""""""""""""""""""""""""""""""""""""""""""""""""""'Rs. 30,000/-
Oct mont tds deducted 10% all amount (Rs,30,000+Rs. 180,000/-) *10%= Rs. 21,000/- And balance payment to X
Next months tds deducted on Rs.30,000/- @ 10%
Thanks
see this link https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=0b1555a8-0847-4036-9916-608d7a97c081&rdb=sec&yr=e5be6bdb-1fc4-42d6-ac7b-34a44fd65485&sec=&sch=&title=Taxmann - Direct Tax Laws
what rohit sharma said holds good only when the gross receipts of y the tenant from his profession exceeds 60lakhs per year
TDS is required to be deduct only if exp is connected with the Business of profession of the assessee if assessee is required for tax Audit
Since assessee salaried person there is no need to deduct TDS on rent paid
but Tenant should take pan card of landlord for his sake to avoid litigation with department
something miss
Give me full details for this provision ,Mr x has income only from house property.
Please See Section- 194(I)
Tds not payable on individual case . TDS is only deducted on those who a/c is under Section 44B
I agree with Mr Mukesh Kumar.
Totally Agreed with Santhosh ..
Thanks & Regards
Karandeep
THANKU VERY MUCH .NOW CLEAR MY DOUBT.
DEAR SIR
HOW TO FILE REVISE TDS RETURN.
THANKS
DEEPAK CHAUHAN
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