Tds on rent query urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 December 2011
I AM PAYING RENT OF 20000 FROM 1.8.2011 SO I HAVE TO DEDUCT TDS ON RENT FOR THE FY 2011-12 OR NOT IF YES PLS TEL THE PROCEDURE
22 December 2011
Not required to deduct TDS as the threshold limit of Rs 180000/- p.a. is not crossed.
(from 01.08.11 to 31.03.12 = 8 months. So total amount of Rent is Rs 160000/- i.e below threshold limit of Rs 180000/- p.a.)
However in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 60 lakh or Rs. 15 lakh respectively in previous year, he is required to deduct tax at source.
(from 01.08.11 to 31.03.12 = 8 months. So total amount of Rent is Rs 160000/- i.e below threshold limit of Rs 180000/- p.a.)
However in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 60 lakh or Rs. 15 lakh respectively in previous year, he is required to deduct tax at source.
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