Dear All,
We are providing an accommodation for our employee in a hostel for a monthly rent of Rs.11500/-. Please help me that, I have to deduct TDS or not, if yes what is the rate of TDs.
Thanks / regards
Chenna Reddy
Cell: 098481-61440
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Tds on Guest House
Replies (2)
YOU HAVE TO DEDUCT TDS UNDER SEC194 I. SINCE TOTAL PAYMENT FOR THE FINANCIAL YEAR EXCEEDS RS.120000.
TDS RATE:
IF PAYEE BEING INDIVIDUAL AND HUF: 15.45%
IF PAYEE BEING OTHER THAN INDIVIDUAL AND HUF: 20.6%
As per sec 194I person paying rent tor esident is required to deduct TDS .whether payment is made under any lease ,tenancy or other arrangement.It is immaterial whether such building is owned by the person to whom rent is paid.
Rate
Recipient is Individual Or HUF-15%= 3% EC
Recipient is any othr person-20%+3% EC
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