ITC

This query is : Resolved

SRIKANTA (Querist)
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08 December 2020 Sir I am a Restaurant Business Owners food services can i take itc on rent paid towards the building where the business situated.Now i am not taking ITC and simply charging @5% towards my sales bills without taking itc on purchased items, now quation is can i take itc rent paid to my house owner
and can i deduct tds towards rent paid.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 December 2020 ITC can't be taken on rent paid. TDS can be deducted on rent paid.

SRIKANTA

SRIKANTA (Querist)
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09 December 2020 sir i don't have tan no how to deduct tds.
without tan can i deduct tds please guide

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 December 2020 You have to deduct TDS only if your turnover is more than 1 crore.

SRIKANTA

SRIKANTA (Querist)
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11 December 2020 No sir on house rent paid by me towards my shop situated ie arround 12 lakh paid in a year. so my quation is tds how to deduct with out tan

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 December 2020 TAN not required in this case. TDS under section 194IB

The tenant is required to deposit TDS by filing Challan-cum-Statement in Form 26QC. The tenant is liable to make a deposit of the deducted TDS within a period of 30 days from the end of the month in which TDS is deducted [Rule 30 (2B)].

Following are the steps which the tenant should follow in order to file Form 26QC –

1. Visit site https://www.tin-nsdl.com/.

2. Navigate the path Services > TDS on Rent of Property.

3. Click on ‘Online form for furnishing TDS on Rent of Property (Form 26QC)’.

4. Under e-payment of Taxes, go to ‘TDS on Rent of Property (Form 26QC)’ and click on ‘Proceed’.

5. Step by step, fill up the Form 26QC and submit.