Hi All,
I am renting my property for a corporate office for an aggreed monthly rent of 42,500/- from 15-apr-2014 to 14-05-2015.
What should be the deduction in received rent ?
If the individuals paying the rent are making a turnover of 1cr and more, will they still be deducting TDS?
payer will deduct TDS @ 10%
payer is liable to deduct TDS if he comes under tax audit regime
HELLO NIRANJAN JI,
IF INDIVIDUAL/HUF IS LIABLE FOR TAX AUDIT U/S 44AB OF IT ACT,1961.
THEN,IT IS LIABLE TO DEDUCT THE TDS ON 194I AT RATE OF 10%.
Thank you Tax Pandit and Thank you Hemant ji !
Thankfully the rates have not changed for this FY.
CAclubindia
