TDS on warehouse rent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2010 hello i want to knwo that under which section comes TDS on warehouse rent and what is rate of TDS & limit for TDS deduction is that above 120000/-

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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26 May 2010 TDS ON WAREHOUSE RENT COMES U/S 194I. RATE OF TDS 10% W.E.F. 01.10.09.
PRESENT THRESHOLD LIMIT RS.120000/- PA
NEW LIMIT W.E.F 01.07.10 RS.180000/- PA

CA Kishore Tallam

CA Kishore Tallam (Expert)
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26 May 2010 TDS on warehouse falls under section 194I of Income Tax Act, 1961. Since the property rented is warehouse which falls under category building TDS shall be deducted @ 10% if the total amounts paid during the financial year is more than Rs. 120,000. This limit has been increased to Rs. 180,000 w.e.f July 01, 2010. Since levy of surcharge has been withdrawn in the recent budget for deducting TDS, effective rate of TDS is 10.3% now

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