Tds on rent already paid
This query is : Resolved
01 October 2016
hi
we made rent payment in previous month to our landlord I.e rs 35000 and generator rent rs 3000
we made the payment through cheque. we had not deduct any tds. now I want to tds tds on that amount what will be the journal entries. kindly help
01 October 2016
JV will be as follows:
Party account Dr
to TDS payable
TDS is to be paid along with interest for late deduction @1%/pm
Party account Dr
to TDS payable
TDS is to be paid along with interest for late deduction @1%/pm
Message likes :
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01 October 2016
TDS is to be deducted on rent when payment in the whole year to single party exceeds rs.1,80,000, hence if total payment does not exceed the limit you are not liable to deduct tds right now.
01 October 2016
one more thing,we also pay generator rent of Rs. 3000 per month wat is the limit to deduct the TDS for this category and what will be the percentage that required to be deducted??
01 October 2016
Same. The limit is same i.e. 180000. it is just the limit amount should be calculated for a single assessee. TDS rate for rent on use for plant/ machinery/ equipment is 2% and for use of any other asset is 10%
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