sir
i would like to know whether person paying rent has to deduct TDS from the rent amount payable .if yes above what amount TDS will have to deducted. TDS deucted to be shown in which section of ITR 2 by the assessee.
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Whether tds to be deducted by the person paying rent
Replies (6)
Any person, other than an individual or a HUF, is responsible for paying to resident in India, any income by way of the rent, amounting in aggregate to more than Rs. 180000 in a financial year. However w.e.f. 01/06/2002, individuals and HUF who were covered under section 44AB (a) and (b) in the preceding previous year, are also required to deduct tax at source.
Rate:
Plant & machinery and other equipments----2%
Land Bldg &Furniture-----10%
Yes, agreed with Saloni.
If the rent exceeded Rs.1,80,000 per annum then the tenant shall have to deduct TDS in the name of owner and shall have to deposit on his PAN Number.
Tenant - Company or Tax Audit Applicants.
If the rent exceeded Rs.1,80,000 per annum then the tenant shall have to deduct TDS in the name of owner and shall have to deposit on his PAN Number.
How can a individual deduct tds he will not have TAN number?
Individual shall have deduct TDS, if he/she is liable under Tax Audit 44AB.
Because Auditor shall have to state in his Audit Reports, whether Assessee have paid all statutory liabilities. If Asseessee has not agreed to pay, then Auditor shall disallow such Expenditure
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