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Tds on rent
(audit firm)I AM PAYING MONTHLY RS 21000 RENT THROUGH CHEQUE(SINGLE OWNER) FROM APR 2014. AND NO TDS MADE, IS TDS APPLICABLE TO ME ? AND IS IT RIGHT TO MADE TDS IN OCT-DEC QUARTER?
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| Originally posted by : Somshekar Bellad | ||
 |
I AM PAYING MONTHLY RS 21000 RENT THROUGH CHEQUE(SINGLE OWNER) FROM APR 2014. AND NO TDS MADE, IS TDS APPLICABLE TO ME ? AND IS IT RIGHT TO MADE TDS IN OCT-DEC QUARTER? |  |
Though the rent amount is exceeding the threshold limit [i.e. 1,80,000 during the F.Y.] for deduction of TDS, but as you are an individual and if tax audit was not applicable to you during F.Y. 2013-14, then you are not liable to deduct TDS u/s 194-I during F.Y. 2014-15, otherwise deduct @ 10%.
- Refer second proviso to section 194-I
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