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TDS On rent

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job
49 Points Posted on 06 July 2018
I need you help..

01 Jan 18, Rent paid 50000 p.m. to landlord , calculates TDs on rent with journal entry on 31 Jan 2018?

thanks
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On 06 July 2018 at 21:06 Report
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"Do the Right Thing...!!!"
128152 Points Posted on 06 July 2018
Rental book under expenditure account as

By. Rental A/c - 50000
To. Landlord A/c - 45000
To. TDS on Rent A/c - 5000

Payment :

By. Landlord A/c - 45000
To. Bank Account - 45000
3 Reply
On 06 July 2018 at 21:27
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job
49 Points Posted on 06 July 2018
but when rent is 10000p.m. ?? it's not to be deducted tds under 194 I..
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On 06 July 2018 at 21:34
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"Do the Right Thing...!!!"
128152 Points Posted on 06 July 2018
If it's 10k p.m. Then the total value not exceeding Rs 1.80 Lakhs in a FY as per sec 194I...
So, No need to deduct TDS.
1 Reply
On 06 July 2018 at 21:36
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78 Points Posted on 13 July 2018
dear raja p m sir, but in a financial year we have to enter 12 months rent entries. as per tds law in a financial year any transaction related to tds having more than 10 entries it's applicable to deduct tds. is it true or not?, is this not applicable to rent?. if why?
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On 13 July 2018 at 21:31
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"Do the Right Thing...!!!"
128152 Points Posted on 13 July 2018
Where is it...? Are you have any reference or rule or law or notifications...?
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On 13 July 2018 at 22:02


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