Dear Friends need some clarification on TDS on arrear Rent payment..
As we all know this is the starting of a new financial we have to close previous year books of accounts..
Previous year I was paying rent of Rs. 18000 p.m hence no question of TDS but as per agreement actual rent was 21000 pm now we are going to pay arrear rent..
please suggest TDS applicable only on arrear amount or whole payment....
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TDS On Arrear Rent
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Quick Summary
No TDS on Rent is liable to be deducted if the Payment is being made by an Individual or HUF who is not required to get his Tax Audit done under Section 44AB
However, tenants who were not falling in the above category are required to deduct TDS @ 5% if the Rent paid is more than Rs. 50,000 pm.
Tds on rent not required . gstnot applicable if not used for the purpose of business.
@ CA Roomi Gupta, Rent payment process from pvt Ltd company, so kindly suggest TDS applicability...
we are paying arrear rent payment this month..
last year we paid 216000
but the actual liability was 252000
we have missed to take provision also
this time we have to pay arrear amount i.e 36000, kindly suggest TDS liability
we are paying arrear rent payment this month..
last year we paid 216000
but the actual liability was 252000
we have missed to take provision also
this time we have to pay arrear amount i.e 36000, kindly suggest TDS liability
You can pass entry as rent payable of Rs. 36000/- on 31st Mar in books and deduct TDS @ 10% and deposit it before 30th april .
I need clarification TDS required to deduct only on 36000 or full payment of Rs. 252000....
Tds is to be deduct on full payment i.e. 252000/-
Thank you 😊
36000 arrears less tds 25200
net 10800 to pay
net 10800 to pay
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