Q1: A businessman doing trading in goods pays Rs. 25,000 per month as rent for shop. Does he have to apply for TAN if he has to deduct TDS on rent ? He has no other use of TAN beside the above purpose.
Q2: If he is not required to apply for TAN than how can he deposit TDS on the rent ?
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TDS on Rent
Replies (6)
Quick Summary
TAN is mandatory , 194 I , Limit 20000 / month for F .Y 2020-2021
TDS is not deducted , cannot claim as expense on preparation of financials & attracts a penality of Rs .10000 as per Income Tax Act!
TDS is not deducted , cannot claim as expense on preparation of financials & attracts a penality of Rs .10000 as per Income Tax Act!
TAN is mandatory for deducted of TDS
and if he unable to cut tds then we will penalties as per income tax act
and if he unable to cut tds then we will penalties as per income tax act
If he is not liable to Tax Audit u/s 44ab then he is not liable to deduct TDS as limit is 50000 p.m else he is liable.
He is liable for Tax audit.
So, just for deducting TDS on rent he has to apply for TAN ?
Can he deposit TDS without TAN ?
So, just for deducting TDS on rent he has to apply for TAN ?
Can he deposit TDS without TAN ?
No he cannot deposit tds without TAN. It is mandatory
If the business is sole proprietory then check turnover exceed 100 lacs if yes then tds and tan otherwise. if an assessee is other than individual then tds at this situation and tan is pre requisite.
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