Mr. X (whose accounts are required to be audited), paid rent of Rs. 16500 from 01.04.2012 to 31.12.2012 on 15th day of the month without deducting TDS. But in month of Jan, 13 he want to fulfil all requirement of TDS.
What is the amount that should be paid by him in all 3 quarter?
Please tell the amount of TDS and Interest seperately.
U/s. 194I no TDS deduction is to be made unless the amount paid or credited or likely to be paid or credited as rent during the previous year exceeds Rs. 1,80,000/-
But rent agreement is for 12months, and in 12 month total rent is 198000
u/s 94j tds is to be deducted where the limit of 180000 is crossed so the tds for above three quarter is zero (16500*9=148500) but the tds for the month of feb-(16500*11-180000*10%)=150 & for the month of march 16500*10% =1650
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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