My lease agreement ends in October 31 2024. I have been renting since January 2024.
I usually deduct TDS for the landlord in the last month of the agreement for the full financial year. Since this year TDS rate for the rent by individual is reduce to 2% (from 5%) effective October 1st 2024.
Should I be deducting TDS by 2% for all the 7 months, or apply 5% for the first six months and 2% for October month only.
5% for first six months............
Hi,
My rent agreement with owner from April, 2024 till 31st March 2025 and I was planning to pay at last financial month that is 15th March 2025, I haven't deduct TDS yet.
In this case for two different rate. How to I deduct TDS and how many challan will be there two or one?
if two then, Am I liable to pay penalty of 1.5% on first 9 month (April to December) with 5% ? Or just simply calculate and pay challan without penalty?
CAclubindia
