Non deduction of TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2010
TDS has not been deducted on rent due to under exemption limit (less than Rs. 1.20 Lacs during whole year).
but while adding with other incomes, crosses the income exeption limit, how tax will be deposited and till when it can be deposited?
but while adding with other incomes, crosses the income exeption limit, how tax will be deposited and till when it can be deposited?
28 May 2010
IF AMOUNT PAID ON ACCOUNT OF RENT IS ABOVE THRESHOLD LIMIT YOU ARE REQUIRED TO DEDUCT TDS ON RENT.
SUPPOSE YOU ALSO PAY INTEREST TO SAME PARTY THEN INTEREST AMOUNT AND RENT AMOUNT WILL BE CONSIDERED SEPARATELY FOR TDS PURPOSE.
SUPPOSE RENT IS RS. 1.1 LACS AND INTEREST IS 40 THOUSAND THEN YOU WILL HAVE TO DEDUCT TDS ONLY ON INTEREST U/S194A AND NOT ON RENT EVEN ID THE AMOUNT OF BOTH IS PAID TO A SINGLE ENTITY.
HOPE THIS SOLVES YOUR QUERY.
SUPPOSE YOU ALSO PAY INTEREST TO SAME PARTY THEN INTEREST AMOUNT AND RENT AMOUNT WILL BE CONSIDERED SEPARATELY FOR TDS PURPOSE.
SUPPOSE RENT IS RS. 1.1 LACS AND INTEREST IS 40 THOUSAND THEN YOU WILL HAVE TO DEDUCT TDS ONLY ON INTEREST U/S194A AND NOT ON RENT EVEN ID THE AMOUNT OF BOTH IS PAID TO A SINGLE ENTITY.
HOPE THIS SOLVES YOUR QUERY.
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2010
thanks for the reply but my concern was a bit different:
i am receiving rental income from two different sources. in both the cases rental income is within limit hence TDS is not deducted at any place.
but while computing my total income, when i add both rental incomes, it goes over the exeption limit. as no TDs is deducted I have to pay the tax. I want to know till when I can deposit tax and how?
i am receiving rental income from two different sources. in both the cases rental income is within limit hence TDS is not deducted at any place.
but while computing my total income, when i add both rental incomes, it goes over the exeption limit. as no TDs is deducted I have to pay the tax. I want to know till when I can deposit tax and how?
28 May 2010
YOu have to deposit tax as self assessment tax by challan no 280 in any bank. If tax laiblity is more than Rs. 5000, then you have to deposit interest also u/s 234 A, B & C.
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28 May 2010
PAY SELF ASSESSMENT TAX THROUGH ITNS 280 AS SOON AS POSSIBLE.
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