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Tds on rent income

Ramesh Patel (2 Points)

28 December 2020

How much rent income possible with out tds?

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3 Replies

Smit Shah (524 Points)
Replied 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

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 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

Smit Shah (524 Points)
Replied 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