I have made a rent deposit for the Fy 2004-05 of Rs. 100. The Rent agreement is already ceased in the FY. 2005-06. The Owner of the building has refunded only Rs. 20 as on 31/03/2006.
The Balance amount of Rs. 80 is being adjusted towards rent and repairs, Painting etc.
For Rs. 80 which is towards rent & repairs is attracting the provisions of TDS.
08 June 2009
Yes. You are just adjusting the payable amount with your recievable amount. But TDS has to be deducted on the expenses incurred. You will definitely debit the rent and repair and maintenance in your P&L account. So TDS is definitely to be deducted at all at the prescribed rates.
CAclubindia
