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