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.
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.
If the person is giving me the form 15g and asking me not to deduct the TDS, then what should i do?
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.
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.
kya rent agreement compulsory hai income tax k liye agar hai to kya procedure hai
CAclubindia
