our company paid rent 60000 per month we not diductetd TDS this paid amount its right or
wrong as per gst and income tax law/ rule
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Tds on rend paid
Replies (3)
It is a non compliance of income tax act
It's wrong as rent is more than 240000 rupees in a year and TDS should be deducted u/s 194I
The rates of TDS can be summed up as follows: Rent for plant/ equipment/ machinery- 2% TDS on the rent amount paid. Rent for land/ building/ furniture/ fittings- 10% TDS on the rent amount paid. Individual/ HUF not liable to tax audit - 5% TDS on the rent paid in cases where more than `50,000 is paid per month as rent.
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