TDS IN RENT

A/c entries 1125 views 6 replies

Hello Sir,

 

Sir I want to know that Can a individual who carry a propritor firm which sales is less than 40 lacs, deduct TDS on rent. The monthly paid rent amount is 12000/- PM.

 

Thanks


Vipin kumar

8010359789

Replies (6)

No there is no req to deduct tax at source in your case. as per the new provision u r not req to deduct tax if annual rent does not exceeds Rs 150000 in ur case it comes to Rs 144000 thousand only..

To correct Sharad, the enhanced limit is Rs. 180000/-, not 150000/-. And also, the TDS would not be applicable if the turnover does not exceed Rs. 40 Lacs in previous financial year in case of individual. So in this case, TDS is not deductible at all.

Originally posted by : CA.Tarun Maheshwari

To correct Sharad, the enhanced limit is Rs. 180000/-, not 150000/-. And also, the TDS would not be applicable if the turnover does not exceed Rs. 40 Lacs in previous financial year in case of individual. So in this case, TDS is not deductible at all.

CA Tarun is right.

ya it is 180000 mistake in typing.......

Hi. Vipin

The tds rate have been changed from 1 july;2010 now the tds rates are as follows

Rent                                                                                     Amount of Rent                       TDS rate

On plant & machinery/equipments                               more than Rs.180000/-           2%

other than above                                                               more than Rs.180000/-          10%

Previously the amount was Rs.120000/-.The above rates will be applicable on Ind/HUF/firm/company.

but i haven't listen about the tds applicability on turnover basis.

 

byeeeeeeeeee

Dear Mayank,

what Mr. Maheshwari has said is absolutely correct, and the limit of Rs. 40 lacs is the prerequisite for an individual for being able to deduct Tax.


CCI Pro

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