13 June 2013
AS PER SEC.194-I, ANY PERSON NOT BEING AN INDIVIDUAL OR HUF SHOULD DEDUCT TAX WHILE PAYING RENT. SO AN INDIVIDUAL PAYING RENT TO ANOTHER INDIVIDUAL NEED NOT DEDUCT TAX AT SOURCE. SUPPOSE I AM PAYING RENT OF RS.30,000/MONTH FOR A RESIDENTIAL HOUSE TO MY HOUSE OWNER.AM I CORRECT IN SAYING THAT I NEED NOT DEDUCT TAX AT SOURCE BECAUSE I AM AN INDIVIDUAL? INSPITE OF THE FACT THAT THE RENT EXCEEDS THE LIMIT OF RS.180000/-.EXPERTS PLS. ADVICE ME ON THIS.HOWEVER IF I AM TO DEDUCT TAX WHAT IS THE PRESENT RATE AND WHEN IT SOULD BE DEPOSITED?
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