TDS RENT URGENT

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TDS IS PAID TO PERSON FOR 2 PLACES AS RENT 90000 EACH .


WILL TDS BE DEDUCTED OR NOT


 1. IT SHOULD BE DEDUCTED BECAUSE PAYMENT IS MADE TO SINGLE PERSON IN SAME F/Y


2. IT SHOULD NOT BE BECAUSE IT IS FOR 2 DIFFERENT PLACES 90000<120000(QUALIFYING AMT.)

Replies (4)

I think TDS will be deducted.

As in case of contractor, we deduct TDS if payment is above Rs 20,000 for the whole year for different contracts. Same logic should be applied here.

 

Plz conform from other sources too as there may be any judicial heraing on this case,

TDS should be deducted if the rental expenditure exceeds Rs.1,20,000, since it is paid to a single person, despite of the fact that it is paid for 2 different places. On the whole, your rental expenditure works out to Rs.1,80,000 for which TDS should be deducted. If you are paying rent to 2 different persons, then TDs need not be deducted.

Yes TDS should be Deducted as per Sec. 194 I where Payment made to one person exceeds Rs. 120000 then TDS shouls be Deducted @ 15 % incase of Induvidual, Firm where payment does not exceed 10LAkhs Plus E.Cess as applicable. Where payment exceeds 10Lakhs the nsurcdharges is also applicable. In your case TDS sholud be deducted @ 16.995 since payment exceeds 10Lakhs per annum.

THANK U EVERBODY


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