tds on rent and furniture

TDS is to be deducted on Payment of rent for machinery, plant, equipment, furniture or fittings Under Section 194-I of the Act. The rate of TDS shall be 15% if the payee is an individual or HUF, otherwise the rate of TDS shall be  20% in case the total amount of rent paid exceeds Rs.1,20,000 during the Financial Year.  

If we look at wordings of the act "no deduction shall be made under this section where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to, the payee, does not exceed one hundred and twenty thousand rupees "

It can be concluded that in both cases you need to deduct TDS.

Prakash is correct but you must see whether you are covered u/s 44AA as an individual. If not, You are not Required to deduct TDS.

Prakash is correct but you must see whether you are covered u/s 44AA as an individual. If not, You are not Required to deduct TDS.

abhinav sir...!! it shd be 44ab na...??and if i m rong pls explain ur view...!!

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