08 July 2009
I am a senior citizen and I get a rent of Rs15000/- per month from a commercial company using my space. I would like to know about the TDS details regarding the same. Do I have to pay it and if yes then which form I need to submit…I would prefer if the detailed procedure is being communicated to me Thank you for the same.
08 July 2009
TDS is liability of Payer. You are not required to deposit any TDS. Its Comapny liability to deduct TDS on the rent paid to you and issue a certificate at the end of the year.
However if the company do not deduct any tax during the year, then you have to assess your total income including the rental income and if there is any tax due which is more than 5000 then you need to pay advance tax to avoid any interest payment later.
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