Please HELP ME TO SOLVE THIS QUERY. 1. my client pay Machinery Rent Rs.850000/- & CAR RENT to same person Rs.150000/- ,My client deduct tds only from rent of Machinery but not deduct out of Car rent,they give justification becz car rent amount doesnt cross limit of Rs 180000/-, now my question whether the above justification given by client is proper or not .
15 September 2011
No income tax is required to be deducted at source if the aggregate amount of rent credited/paid or likely to be credited/paid to a single payee during the financial year does not exceed Rs.1,80,000/- from 1.7.2010 (previously it was Rs.1,20,000).
Here amount exceeds Rs 1.8 lacs to the single payee and hence TDS needs to be deducted.
15 September 2011
TDS-Rent U/s 194I No income tax is required to be deducted at source if the aggregate amount of rent credited/paid or likely to be credited/paid to a single payee during the financial year does not exceed 1,80,000/- from 1.7.2010 (previously it was 1,20,000).
CAclubindia
