26 December 2013
if society has paid Rs. 600000 as advance rent to another society but rent not exceed to 180000 during the f.y. in that situation society liable to deduct tax. please reply
If current year rent is not exceed rs. 180000 than it is not required to deduct tds u/s 180I
So You show the amount in balance sheet adavnce except rent amount
because in law in not prohibit to deducted tds but when Filling of return you claim tds only of that year which income you shown in return and balance tds claim by sbubsequent year of proposnate of income
so in my opinion you show the amount as adavance and not deduct tds of the whole amount
CAclubindia
