Tds on rent section 194i
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2012
Hi,
If limited company pays the building rent for the month of Sept, October & November 2012 in the month of December 2012 then what will be the tax implications.(i.e TDS and the time of TDS deposit)
If limited company pays the building rent for the month of Sept, October & November 2012 in the month of December 2012 then what will be the tax implications.(i.e TDS and the time of TDS deposit)
12 December 2012
TDS u/s 194 I must be booked at the time of credit or payment whichever is earlier.
So TDS will be deducted in the month in which it is credited. in practice Companies books rent on monthly basis. So TDS must be deducted and depsoited on monthly basis not the time of payment only
So TDS will be deducted in the month in which it is credited. in practice Companies books rent on monthly basis. So TDS must be deducted and depsoited on monthly basis not the time of payment only
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2012
Shall we deduct the TDS in december 2012 for the rent payments of earlier months at the rate of 10%.
Whether this TDS deduction attracts interest and also confirm the calculation of interest on delayed deposit of TDS.
We need to know the time of TDS deposit for the above rent payment.
Whether this TDS deduction attracts interest and also confirm the calculation of interest on delayed deposit of TDS.
We need to know the time of TDS deposit for the above rent payment.
12 December 2012
It seems that you have paid 3 months rent in Dec. 2012. As CA Prashant has suggested.... credit or payment whichever is earlier is to be considered for the date of TDS. Calculate it accordingly.
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