Tds on rent

1124 views 7 replies

On filling Income Tax ret

Is Rent agrrement is Comulsory and Tds on rent is not deducted. 

Diductor & Diductee are individual &  payment mode is cash.

 

Replies (7)
Under section 194 I, Rs. 180000 is the threshold limit...applicable rate is 10%.....yes rent agreement is essential as amount depends upon settled value as per rent agreement.

Practically rental agreement is missing in 99% cases.

what u may do is that u can file the return but when there is a case and u r called on to furnish the details at that time u can make and show it.

Basically if the rental value is in lakhs then only aggrement is demaded...

Rent agreement is only for documentation, but you can file I.T.Return.

If rent doesn't cross Rs. 1,80,000/- then no need to deduct TDS.

the rental agreement which we have with our owner of premises is rs.200000/- per month and in agreement there is no mention of service tax, also in agreement it is accepted that automatically everymonth the rent will be paid before 7th. Hence every month without any bill / demand from owner we automatically pay rs.200000/- as rent and deducct full TDS 10% on 200000/- , now if the owner of premises does not give stax in invoice or if in agreement there is no mention of stax that is headache of owner or us?

 

 

@ ravishankar the landlord should probably give a sort of debit note

if u r claming service tax on rent in ur accounts, then problem to both of u

otherwise its completeley owners prblm

 

we are not availing any cenvat credit and niether showing stax in our accounts for rent,,, we never do seperate accounting for stax, even if we receive invoice for taxable service with stax on it we book whole amt in exp head only incl tax. 

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