Respected membres,
I have a query:
A is getting lease rent from a company @ 18000/ per month which is the only income of A. Company is PAYING AFTER deducting the TDS @ 10% then what A should do to avoid Tds.
Total income of A for fiscal year 2011-12 is Rs.162000/-only which is lease amount of nine months(18000X9).
Please suggest.
thanking you all in advance.
The company is not liable to deduct TDS ion the rent of Rs. 162000/- in the fiscal year as the limit of non deduction as per 194I is Rs. 180000/- per annum. Therefore in FY 11-12 no TDS has to be deducted. This point may be brought to the notice of the company. Next year is the rent continues, then TDS liability may arise.
I have a doubt here. How the Company paying rent will know that this is the only income and what evidence can you provide for that.
What I believe the Company will pay after deducting TDS as per rule that is 10% of gross amount and after the end of financial year, they will provide you form 16A, you can claim the amount deducted as TDS from Governemnt after filing income tax. Experts opinion please.
Reply of Namita Medam...
U hav 2 provide form 13 OR form No. 15 (G) Or Form No. 15(H) for Senior Citizen 2 co. 4 not deducting tax or deducting tax @ lower rate as the case may be...
Hello Mr Ashwin
Does it apply to senior citizen or for other person too.
yes namita madam it apply only senior citizen after 60
Hello Kaushal sir,
You are right that Form 15G/H is not applicable in case of rent. But in this case I think the assessee can apply in form 13 to assessing officer which directly issues the certificate to the income payer for lower deduction or no deduction of tax.
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