Suresh Jain (proprietor) (174 Points)
29 April 2019Dear sir,
I have taken a Factory on Rent (Complete Land, Building , Plant and Machinery) and paid 12.00 lac Per Year as rent. The Party from whom this propery taken is Indivisual and We are also proprietorship . I want to know the TDS rate on such rent. Tomorrow is last date. Please mention .
Suresh
A B Kundu
(Professional)
(1422 Points)
Replied 29 April 2019
As you are an individual, you are not liable to deduct tax at the time of paying rent unless you are covered u/s 44AB.
Suresh Jain
(proprietor)
(174 Points)
Replied 29 April 2019
Sorry sir,
I not mentioned that I cover under 44AB (Under Audit)
Suresh
rama krishnan
(12234 Points)
Replied 29 April 2019
A B Kundu
(Professional)
(1422 Points)
Replied 29 April 2019
| Originally posted by : rama krishnan | ||
 |
if you are covered under 44ab and the rental agreement is made for composite rent, then deduct TDS under 194I @ 10% . if the rental agreement mentions different rates for Land and building, plant and machinery, then deduct TDS at 10% for Land and building and 2% for plant and machinery . if you are not covered under 44AB then deduct tds @ 5% under 194IB |  |
Agreed.
CAclubindia
