I am paying monthly rent of Rs. 18,000/- Annually it's Come Rs 1,92,000 What is TDS effect in this transaction and didn't have TAN no.
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TDS on Rent
Replies (7)
since the aggregate amount exceeding 180000.
u need to deduct TDS @ 10%.
u have to apply tan no.
u need to deduct TDS @ 10%.
u have to apply tan no.
IF you do not have TAN no then you must obtain it from Website. If you cannot do that then this expenditure fully disallowed. So you must get it and deduct @ 10% from 18000 in each every month and deposit it to govt in every 7th of month
no TDS required as the threshold is 240000 for rent paid.
if payment of rend 15000 and above ,u must deduct tax 10 % on rent in 194i , 194ib
1. Tax Deductions and Collection Account Number (TAN) is mandatory for a person who is required to deduct or collect tax at source. As per sec 203A, every person who is responsible for deductions of TDS or collection of TCS needs to quote his TAN at the time of filing the return. Failure will result in a penalty of Rs. 10,000 as per sec 272BB.
2. According to sec 194-I, TDS need to be deducted on payment of rent if the amount of rent exceeds Rs. 2,40,000 per year.
3. In your case since the aggregate rent expenses come to only Rs. 192,000 per year which is less than the threshold limit specified u/s 194-I, there is no need for deduction of TDS.
Please correct me if the above solution has an alternative view.
You are not required to deduct any Tds because
Threshold limit is 240,000 annual
And you paid less than it
So there is no requirement to obtain any tan number
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good clarification and information
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