Tds on rent income

260 views
User Avatar

2 Points Posted on 28 December 2020
How much rent income possible with out tds?
0 Reply Share Follow
On 28 December 2020 at 18:31 Report
Replies (3)
Quick Summary
This discussion clarifies the thresholds for TDS (Tax Deducted at Source) on rent income. Generally, if your gross turnover is below £1 crore (for business) or £50 lakh (for profession), you can receive up to £240,000 per tenant annually without TDS. However, if you are subject to an IT Audit under Section 44AB, this limit reduces significantly to £20,000 per tenant, or £50,000 if not applicable for audit.

User Avatar

524 Points Posted on 28 December 2020
If your gross turnover exceeds 1 Cr. or 50 lacs as the case may be then maximum 240k per tenant per annum otherwise 6 lacs per tenant per annum
Reply
On 28 December 2020 at 18:50
User Avatar

STUDENT
1631 Points Posted on 28 December 2020
If u applicable for IT Audit u/s 44AB , ie , turnover exceeds 2 Crore for goods , 50 lakhs for services , TDS exemption limit is Rs .20000 , otherwise it is Rs .50000
Reply
On 28 December 2020 at 19:19
User Avatar

524 Points Posted on 28 December 2020
Now w.e.f. 01.04.2020 the word "the monetary limits specified under clause (a) or clause (b) of section 44AB" have been substituted by the word "one crore rupees in case of business or fifty lakh rupees in case of profession" have been substituted and hence 1 crore limit for business for which he may not required audit u/s.44AB
Reply
On 28 December 2020 at 19:31

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidance Required on Filing Fresh Registration und
  2. IT Return Refund Status AY 2026-27
  3. Clarification Regarding Income Tax Demand Notice
  4. Online PAN Download: Check How?
  5. Demand of Late fee/Interest under section 75 of GS
  6. DSC registration on TRACES portal
  7. Can we get registered for MCA if we get a Virtual
  8. DONATION PAYMENT REG
  9. GST IDS Refund – Statement 01A: Invoice Not
  10. TDS deposit code & TDS return

More recent discussions | Post

Related Topics :

Loading