a partnership firm pays rent to an individual Rs 40,000 per month
how much threshold limit to deduct TDS and what percentage TDS should be deducted
8 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 13 April 2023
Please inform for which Financial year?.
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 13 April 2023
For F.Y 22-23 threshold limit is 2,40,000/- as per the section 194 I of the income tax Act, TDS rate for Land and Building , furniture & Fixtures is 10% and for plant and Machinery it's 2% ( rent payment to resident Individual.)
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 13 April 2023
If , No PAN then TDS rate is 20% .............................................................
Yasir
(article assistant )
(470 Points)
Replied 13 April 2023
And for the financial year 2023-24 limit is same or some changes in it
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 13 April 2023
Just confirm at Income tax web site.
www . Income tax .gov.in ...........
www . Income tax .gov.in ...........
sabyasachi mukherjee
(27642 Points)
Replied 18 April 2023
What is the purpose for which rent is being paid business or residential purposes??
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