tds on ent of machinery 194I

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2010 amount of rent credited till 30.9.09 is 94265\- and it crossed tds limit in the month of october. total amout for the fy 2009-10 is 128430 what is the amout of TDS. whether it is calculated separately 10% up to 30.09.09 and 2% there after. OR on whole amount 2%.

Shyam Lal Naik

Shyam Lal Naik (Expert)
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20 March 2010 Depends on the agreement/arrangement.

If the amount was likely to exceed the threshhold, TDS should have been deducted wef 01.04.09.

In other case, 2% on whole amount once the amount crosses the threshhold.

Let us seek more opinion on the matter.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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20 March 2010 agree with naikji

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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20 March 2010 TDS should be calculated separately 10% up to 30.09.09 and 2% there after.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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21 March 2010 I agree with Mr.Shyam , Rent based on the agreementif the rent expected exceed thershold limit .you need to deduct 10 % up to 30.9.2009 and after that 2 %