Tds on rent @5%

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2018 If one person paying rent 60k in total (15k to 4 shop owner for same shop) . All shop owner has own GST no. and raising separate invoice. should tenant should deduct tds @5% if rent amunt ismore than 50k but each owner raising invoice getting 15k pm

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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12 April 2018 All individuals or HUFs (except those liable to audit under clause a and b of section 44AB) paying monthly rent to a resident in excess of Rs. 50,000 are liable to deduct TDS under section 194-IB,Deduct tax @ 5 % from the rent payment made to the Landlord..Collect the Permanent Account Number (PAN) of the Landlord and verify the same with the Original PAN card.

Any person, not being an individual or a H.U.F., who is responsible for paying to a resident any income by way of rent is liable to deduct tax at source as and when aggregate of the amount of such income credited or paid or likely to be credited or paid during financial year exceeds Rs. 1,80,000/-. Individuals or H.U.F.s who were subject to tax audit under Sec. 44AB during the financial year immediately preceding the financial year in which such rent was paid or credited are also liable to deduct tax at source. Rent of land or building or furniture or fitting 194I(B) @10%