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TDS U/S 94I


harish .k (STUDING)     03 February 2011

harish .k
STUDING 
 28 likes  306 points

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Hi to all

I have a query regarding TDS applicability on Rent payment as the Monthly rent is Rs 30000/- but the amount of 30000/- is divided in to 3 equal parts (10000 each ) is credited every month . in there family  members itself

My query is whether TDS u/s 94I is applicable when the Gross value exceeds Rs 180000/-pa TDS @ 10% is applicable na , so in the present case TDS is applicable in the Owners name i,e ( owner of the building ) as deemed owner or it not applicable as the individual a/c is credited with 10000/- each with in the limit

plz reply soon

Thanks in Advance

Harish

avater

VENKATA RATNAM NUNNA (SAP Consultant)     03 February 2011

VENKATA RATNAM NUNNA
SAP Consultant 
 8 likes  50 points

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In this case as there are three joint owners and as the rent is directly credited into their account, and the rent paid to each Co-owner does not exceed the limit Rs 1,80,000. there is no need for tax deduction u/s 194I

ashoka r d (senior audit assistant)     03 February 2011

ashoka r d
senior audit assistant 
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the section relating to rent for tds purpose is 194I:provision is -the total annual limit is rs.180000 individually and in your case, becuase of the amount is less than the limit of rs.180000 no need to make tds

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U S Sharma (glidor@gmail.com)     03 February 2011

U S Sharma
glidor@gmail.com 
 1739 likes  21021 points

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Originally posted by : harish .k


Hi to all

I have a query regarding TDS applicability on Rent payment as the Monthly rent is Rs 30000/- but the amount of 30000/- is divided in to 3 equal parts (10000 each ) is credited every month . in there family  members itself

- if u get three rent receipts from three landlords then its rent to three persons and would be accounted seperately always, but in case of single rent bill , the 1st name will be taken in account. and others will be joint names mere.

My query is whether TDS u/s 94I is applicable when the Gross value exceeds Rs 180000/-pa TDS @ 10% is applicable na , so in the present case TDS is applicable in the Owners name i,e ( owner of the building ) as deemed owner or it not applicable as the individual a/c is credited with 10000/- each with in the limit

plz reply soon

Thanks in Advance

Harish

avater

CA. BIJENDER KR. BANSAL (ACA, B.COM)     04 February 2011

CA. BIJENDER KR. BANSAL
ACA B.COM 
 565 likes  8088 points

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AGREED, IF IT IS THE CASE OF CO-OWNERSHIP AND RENT PAID DIRECTLY AND SEPRATELY IN THEIR ACCOUNTS. THEN NO TDS WILL BE DEDUCTED.

THRESHOLD LIMIT WILL BE CHECK INDIVIDUALLY.

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Pooja Verma (Chartered Accountant)     04 February 2011

Pooja Verma
Chartered Accountant 
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Agreed with what C.A Bijender Bansal said..

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Pothuganty sudheer (Consultant, C.A, C.S)     04 February 2011

Pothuganty sudheer
Consultant C.A C.S 
 56 likes  411 points

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Threshold limit is to be considered individually and i agree with the above views posted.

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harish .k (STUDING)     05 February 2011

harish .k
STUDING 
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Thanks for ur replies ..........every one

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kapil (Business analysis)     05 February 2011

kapil
Business analysis 
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Sec 194 I : Section say ,IF IT IS THE CASE OF CO-OWNERSHIP AND RENT PAID DIRECTLY AND SEPRATELY IN THEIR ACCOUNTS. LIMIT WILL BE CHECK INDIVIDUALLY

 


 

ravitheja (CA Final)     05 February 2011

ravitheja
CA Final 
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hiiiiii

if the agreement of rent clears specifies payment to co owners independently then no need to deduct TDS but if the agreement remains silent about the payment method then TDS has to be deducted andor  the co owners are assessable as AOP and TDS is deductible


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