TDS ON RENT
This query is : Resolved
03 September 2008
HOW TDS ON RENT TO BE CALCULATED IN CASE
1.single agreement with the lessor ,which contains rent for premises is Rs70000 & rent for furniture Rs.22000/
2.Is tds would be charged on the furniture?
1.single agreement with the lessor ,which contains rent for premises is Rs70000 & rent for furniture Rs.22000/
2.Is tds would be charged on the furniture?
03 September 2008
Yes.
03 September 2008
The term Rent means any payment under any lease, sub-lease, tenancy or any other agreement for the use of any land, building,furniture, fittings etc whether or not any or all of the above are owned by the assessee.Hence TDS will be charged on the furniture.
Rates of TDS: 15% WHERE PAYEE IS INDIVIDUAL OR HUF
20% WHERE PAYEE IS OTHER THAN INDIVIDUAL OR HUF.(Sec.194I of I.T.Act,1961)
Rates of TDS: 15% WHERE PAYEE IS INDIVIDUAL OR HUF
20% WHERE PAYEE IS OTHER THAN INDIVIDUAL OR HUF.(Sec.194I of I.T.Act,1961)
03 September 2008
Explanation.—For the purposes of this section,—
52 [(i) “rent” means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any,—
(a) land; or
(b) building (including factory building); or
(c) land appurtenant to a building (including factory building); or
(d) machinery; or
(e) plant; or
(f) equipment; or
(g) furniture; or
(h) fittings,
whether or not any or all of the above are owned by the payee;]
52 [(i) “rent” means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any,—
(a) land; or
(b) building (including factory building); or
(c) land appurtenant to a building (including factory building); or
(d) machinery; or
(e) plant; or
(f) equipment; or
(g) furniture; or
(h) fittings,
whether or not any or all of the above are owned by the payee;]
03 September 2008
But here how TDS will be deducted as in 194I threshold limit is Rs 120000. So tds on furniture will not be deducted as the amount rs-22000.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- TDS NUMBER SURRENDER
- Gst Sales of FY 2023-24
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Legal heir raised refund , but refund issued to the closed account of deceased.
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
