02 October 2013
I'v entered ibto lease agreement with 3 owners paying rent to 3 of the m in 4 installment... which in aggregate exceeds Rs. 3 L p.a. should i v to deduct tds on it assuning rent. Amt exceeds 1.80.
The person (not being individual or HUF) who is responsible for paying any income to a resident by way of rent is liable to deduct tax at source in case the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to the payee exceeds Rs. 1,20,000/-. Individuals and/ or HUFs who are subject to tax audit are also under obligation to deduct the tax at source [w.e.f. 1.6.1994]. The limit of Rs. 1,20,000/- has been enhanced to Rs. 1,80,000/- w.e.f. 1.7.2010
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