10 December 2018
We are partnership firm, out turnover is upto 40 lakh. We have our TAN Number we need to deduct TDS on rent. We pay Rs. 50000/- Rent for our Office, please help us to know at which rate do we deduct TDS and what will be the procedure to deposit the same, shall we use form ITNS 281 and select nature of payment -194 I Rent or we have to use Form 26QC. THANKS IN ADVANCE
10 December 2018
Dear Querist, being a firm you should follow rules u/s194I only regarding your TDS on Rent. So you should deduct TDS @10 % on every payment of rent and should pay the same by next month 7th date to Central Government through challan ITNS 281 and should file ETDS return by every quarter under 26Q. If challan paid lately, interest @1.5% per month to be payable and if Quarterly return filed late beyond the due dates Rs.200 per day will be late filing fess u/s234E. So be accurate on these. For further details contact me by personal mail if needed.
CAclubindia
