Regarding tds deduction for individual
This query is : Resolved
11 May 2016
I am confused regarding TDs deduction for individual status who is not having tan no.
for eg A pays annual rent Rs 2,40,000 to B . whether A has to deduct tax .as both of them are individual and not having tan number. maximum available limit for tds on rent is above Rs 180000 .
plz kindly solve my query with proper and simple way.
11 May 2016
If the landlord has NO business/ professional receipts exceeding one crore/ 25 lacs in last year, NO need to deduct tax from rent in this year.
11 May 2016
if A gross receipts and sales liable to audit u/s 44AB then A have to dedcut the tds on make payment to B.
11 May 2016
why they have put limit of Rs 180000 for annual rent.
so in this case rent is Rs 240000 as per my opinion TDs must be deducted.
12 May 2016
you can read section 194I for limit of rent.............
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