Can someone pls. tell me whats the tds to be deducted for the rent payment by a Sole Proprietor to a Firm for House?
15 % or 20%, I m confused.
Firm is below 10 crore limit.
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Tds on Rent
Replies (4)
Here firm payment is more than 1 crore so u have to pay 22.660%(including cess - SC,EC)
Refer income tax act Sec 194 I ( TDS on Rent)
For FY 2008-09, rate of TDS prescribed on payment of rent for land, building or furniture is 20%, upon which 10% of surcharge is applied, if total payemnts during the year exceeds Rs.1 Crore. Further, upon sum of tax & surcharge(if applicable), 2% of education cess & 1% of Higher & senior education cess is chargeable. This implies, TDS shoul be deducted at an effective rate of 20.60% or 22.66% (as the case may be).
Dear Mr. Ramikhalsa here is solution of ur problem i am attaching a chart which will solve ur the problem from root.
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