23 August 2011
In case the Senior Citizen is not engaged in any business or profession,
or, even if he is engaged in business or profession, but was under the Tax Audit in the preceding Previous year he is not required to deduct TDS on Rent.
TDS on Rent is applicable where rent is claimed as an expenditure by the assessee.
TDS is applicable when rent paid or credited amount exceeds 1.80 lacs.
27 May 2012
First of all ascertain why you are liable to deduct TDS on Rent? . A limited option is available to the assessee who are liable to deduct TDS. . In case rent payable to a Single Owner exceeds the limit, and the Gross total Income of the owner(Senior Citizen), does not exceed the taxable limit, you may obtain Form 15H from him. But in case the Rental Charges are significantly high- the payer, has to deduct TDS. .
27 May 2012
but without tin how can we deduct tds ? & if we pay rs 240000 p.a.& the property owner have only source of income from that single property & after ded. 30% of repair & maint. they also come under the no taxability obligation, so do we need to deduct tds, if they do not liable to pay tax ?
27 May 2012
You have not concentrated upon the First Line. Why you are liable to deduct TDS? . If you are an Individual or HUF engaged in Business and covered under Tax Audit- . or Firm, Company etc... . -and rent exceeding Rs 1.80 Lac is being paid in connection with the property used for business, . Then you are required to obtain TIN and are liable for TDS. . If you obtain from No 15G/15H and deposit the same on or before 7th April next following the Financial Year, you need not to deduct TDS in the given situation. .
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