Urgent and very important

This query is : Resolved

CA Shruti Gupta (Querist)
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09 April 2015 Dear Members

Please make me clear that , payment made to university (Kanpur & Lucknow University) as rent of premises , will covered under tds ??

should bank , tenant , deduct tds on such payment ..

(as per section 10 of income tax act ,income of university is exempt for tax purpose)

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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09 April 2015 There is exemption for income u/s. 10, but no exemption provided under section 194-I.

Further, TDS on rent will applied only tenant and not landlord or owner as the case may be.

Therefore, tds provisions applies to the tenant.

Being, a bank tds at 10% should be deducted.