TDS On Rent for indivisul

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2010 IF a Man Paid Rent 20000/- (Twnety Thousand) P.M. then he deduct TDS as per Act then how he deposit. Please help

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
Follow

15 December 2010 if the deductor is a individual or HUF that the provision of TDS is applicable only if his books of accounts get audited. ie., if the assessee is required to get his accounts audited under income tax act.

IF applicable, the TDS amount needs to be deposited with the bank vide challan no. ITNS 281.

taxindiaconnect

taxindiaconnect (Expert)
Follow

15 December 2010 Agreed with Hussain, only point of diferrence is that if that if the books of accounts are audited in the previous FY, then TDS provisions are applicable. If Tax Auidt is applicable in the current FY TDS provisions are not applicable in the case of a Individual and HUF.

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2010 Dear All,
IF Man is salary employed and his salary is 200000/- P.M., is he applicable for audit.please tell me any provision for audit for salary employee. Please help...!

AMAN Gupta

AMAN Gupta (Expert)
Follow

21 December 2010 No. Salaried employee does not require any audit under Income Tax Act

Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2010 if salary employee have other source & business income then

AMAN Gupta

AMAN Gupta (Expert)
Follow

31 December 2010 Dear Anonymous,
there is no relevancy of income from other sources.
But, if a salaried person is having a business also and he falls in sec 44AB in the preceeding F.Y. then he will be required to deduct TDS.
But, if a businessman (covered u/s 44AB) is paying rent of his residence then he will also be liable to deduct TDS, lawfully.

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2011 What is the provision for audit for individual & HUF, Please help

Upgrade to CAclubindia Pro. Subscribe Now!