Tds on godown rent

5114 views

Save Share

Join Us Follow Us Add as Source

Chandan

student

25 Points Posted on 03 October 2014

Hello Everyone,

I have a querry regarding TDS on godown rent.

In my case i(Partnership firm) have paid an individual Rs.16,900/- p.m against godown rent and other expenses:

1) Godown rent - Rs. 11900/-,

2) Security Salary - Rs. 4000/-.

3) Maintainence - Rs. 1000/-.

Does i need to deduct TDS.

Replies (9)

Nikhil Kaushik

Fellow CA

70840 Points Posted on 03 October 2014

depends on the structure of the contract. If each payment is segrageted through a separate document and payment, then no TDS shall be applicable...however, if the contract suggest that payments are only for rental, then TDS on rent shall apply for the whole payment.

Chandan

student

25 Points Posted on 03 October 2014

If the person is giving me the form 15g and asking me not to deduct the TDS, then what should i do?

Gopala

Senior Executive Accounts

23 Points Posted on 03 October 2014

In case if the godown rent is exceeds Rs.15k P/m then only applicable tds on rent.

Hunny Arora

Articleship

62 Points Posted on 03 October 2014

Form 15g is given to Banks for not to deduct TDS on Int on FD. U will not deduct TDS only if He will give u No Deduction certificate under section 197 issued by A.O

Chandan

student

25 Points Posted on 03 October 2014

Its quite confusing. I as partnership firm paying 16900/- p.m (i.e 2,02,800/- p.a) towards godown rent to an individual.

The individual don't want the tds to be deducted from the godown rent as his return is nill return and agreed to give me 15G form. Please help.

Kyathappa Lokesh

accountant

30 Points Posted on 03 October 2014

You need to deduct TDs on rent the same to be remitted to the government account.... TDs certificate to be issued to landlord.... he can claim this & can take refund if his taxable income does not exceed the limit.

Gagan Deep Singh

CHARTERED ACCOUNTANT

1039 Points Posted on 03 October 2014

He cannot give u form 15g becoz form 15g is applicable only in case of interest. If he wants that tds not to be deducted then he has to take certificate from AO under section 197 by filling form no. 13.

CA shashank tripathi

Job

41 Points Posted on 03 October 2014

TDS is deductible on godown rent as it exceed the threshold limit of Section 194I. if deductee want that tds not to be deducted then he has to furnish certificate issued by A.O, u/s 197 to deductor.further if your rent agreement contain the provision of payment regarding other expenses such as mainatence then TDS shall be deductible on entire amount.