TDS Liabity

A firm pay Rs.1,30,000 towards Rent to its Partner .Whether the payment attract TDS Liability

Replies (7)
yes

TDS liability U/S 194I arises where rent paid exceeds Rs. 1,20,000/- during the year.

best regards,

ratan

yes

Yes, TDS should be deducted

Dear All,

As per Sec 194(I), if rent is paid to any of assessee, TDS @ 10% must be deducted from the amount paid. (only if Rent paid exceed Rs. 1,20,000).

It doesn't matters if the receiver is related or non-related person.

Note: If the assessee doesn't quote his PAN, than TDS @ 20% must be deducted w.e.f. 01/04/2010.

Thanx...

Yes, 194I shall apply.

Agree with the members..

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