28 January 2013
Dear all I need a soution reg: TDS on rent: I pay the rent to the building for Rs. 10000 P.M i.e 120000 P.A. If I want to deduct the tax or not. & what is the exemption limit.
28 January 2013
Purview of Section 194I (TDS on RENT):
The person (not being individual or HUF) who is responsible for paying any income to a resident by way of rent is liable to deduct tax at source in case the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to the payee exceeds Rs. 1,80,000/-. Individuals and/ or HUFs who are subject to tax audit are also under obligation to deduct the tax at source at 10%.
The present limit of 1,80,000/- is applicable w.e.f. 1.7.2010 i.e Rs. 15000/- per month.
CAclubindia
