i am an individual paying rent more than 50000 per month on housing property. i need following clarity. i am not claiming expenses in business putting the same in drawings. still i am into tax audit.
1. i need to understand from april i have to deduct tax or from july or october?
2 rate is 5 percent or 10 percent?
3. i have to pay tax with govt every month?(in how many days? after cutting) or at the end of the year?
4. different websites say different things.
please help.
nayan saraiya
" different websites say different things..........."
Those sites are referring to two different things......... i.e. a person liable to tax audit u/s. 44AB ............
and for those one who doesn't fall under mandatory tax audit........
Now read those with the criteria applicable in your case.......... and you will be cleared......
As per available data you will fall under 10% bracket from April, 2017... to be paid to Government every month........ i.e. before next 7th, from the month of deduction.....
thanks a lot. if not paid from april what is the best way to handle it.?
will be greatful if can get answer to this. i have intention to pay in full. any interest or penalty for the same?
thanks a lot.
thanks a lot. if not paid from april what is the best way to handle it.?
will be greatful if can get answer to this. i have intention to pay in full. any interest or penalty for the same?
thanks a lot.
In case, your accouts were audited for FY 2016-17 under section 44AB:
You are supposed to deduct TDS over rent at 10% from the month of April 2017, if paid monthly or from month June 2017 if rent paid quarterly.
So pay the TDS with interest applicable for the time delay and revise quartely return.
CAclubindia
