tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2009 Our company is paying rent but till october 09 as per old agreement rent amount was below Rs.120000 but now agreement is renewed and rent amount for F.Y.2009-10 exceeds Rs.120000 and liable to deduct tax. Now I have deducted tax on all rent amount from April to October from rent but I want to know that how I have to show it in tds return? whether I have to file revised tds return for Q1 & Q2 for F.Y.2009-10?

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
Follow

26 November 2009 You have to deduct tax for april to october but as you have become liable to deduct tax at source on renewal of agreement in Oct'2009( assumed) you need not revise the past returns.

Simply show the TDS in the month in which you are deducting for the first time. It's a very common think for payment to contractor also when gross payment exceeds Rs. 50,000.

Deduct tax for the past months from the rent payblefor Oct and deposit

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

26 November 2009 You need to Deduct TDS from No. after your Contract Renewal.. you don't have to filed your return revised....but you have to deduct TDS of April to Oct Collectively including Nov's TDS and deposit in Bank with your TAN.
onething more When u have to Start Deducting TDS,is when u Pay morethan Rs.20000/- or Liabilities of Payment goes to morethan Rs.50000/- in any F.Y.

Upgrade to CAclubindia Pro. Subscribe Now!