23 December 2021
I am paying rent Rs. 65000/month to one of my friend. However as per Section 194IB I read as "The above said tax shall be deducted: when rental expense for the last month of the previous year or the last month of tenancy, if the property is vacated during the year is booked in books of accounts, or at the time of payment, whichever is earlier. Further I will be deducting TDS in the month of February 2022 at 5% on Total rent payable for the year. (it will be as 65000 X 12 = Rs 780000/- and TDS will Rs 39000/-. Hence Net Rent paid for February 22 will be Rs 26,000/- (Rs 65,000 Less Rs 39,000/-)
Am i liable to pay Interest from April 21 to January 22?
CAclubindia
