Hello everyone,
a shop is owned by three persons A, B and C
My client has taken that shop on Rent and he pays monthly rent rs.50000/- as follows.
To A-Rs.20000 (240000 pa)
To B-15000 (180000 pa)
To C-15000 (180000 pa)
My question: Is Tax required to be deducted on payment made to A,B,C ?
waiting for the views of the experts.
If you read the section 194I it clearly mentions that if the income paid by the payer to the payee exceeds Rs.180000 only then the provisions of TDS are applicable.
Hence in the above example only to the payment made to a person exceeding Rs.180000 TDS has to be done.
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TDS will have to deduct only on rent payment to Mr. A only
As per section 194I TDS is required to be deducted only on rent payment to Mr. A
Gowra Ventures Pvt Ltd
Hyderabad
CA
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Chirag N Shah & Associates
Mumbai
CA Inter
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