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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TDS On rent
Replies (5)
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
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
but when rent is 10000p.m. ?? it's not to be deducted tds under 194 I..
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.
So, No need to deduct TDS.
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?
Where is it...? Are you have any reference or rule or law or notifications...?
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