If a property is taken for lease for residential purpose ,rent is₹18000 per month ,will it attracts TDS @ ₹1800 per month ?
10 Replies
Jatin
(Accountant)
(3479 Points)
Replied 08 August 2018
Not required to deduct TDS if residential purpose
Ashwin Kumar
(168 Points)
Replied 08 August 2018
if business purpose then 10% is to be deducted ....
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 08 August 2018
If you are not indiviadual or HUF & property is for official business purpose then Yes
If your turnover being businessmen exceeds 1cr or being professional exceeds 50Lac then Yes
If you are indic-vidual or HUF and pay rent for residential purpose then No
sumadhura arya
(44 Points)
Replied 08 August 2018
sir, on behalf of individual ,bank is paying the rent
if that is the case , is it require to deduct TDS? the lease agreement pops up a notification to deduct tds @ 10%? Don't know i should approve or not?
if that is the case , is it require to deduct TDS? the lease agreement pops up a notification to deduct tds @ 10%? Don't know i should approve or not?
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 08 August 2018
Are you reimbursing Rent amoount to bank?
Or will you reimburse in future?
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 08 August 2018
Yes so you need to reimburse amount entire amount of rent & TDS if bank has deducted
Recent Topics
- Sales Invoice raised in feb-25 but now some materi
- Transfer of Nominee Share to Body corporate
- GSTR 4 FOR 24-25 due date of annual return
- Which ITR form required ?
- Can you please explain me the working of tax liabi
- Can a stand alone restaurant opt for tax rate of 1
- Income Tax Query. Capital gain & section 54
- 26 QB - TDS
- Partner remuneration beyond 40 (b) limits
- How to get Professional Tax refund shown in PTRC I
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
