what is the responsibility under income tax if rent above 2lakh
deducted only tds or other responsibilities as well if rent is above 2 lakh per month
As per section 194 I of the Income Tax act 1961 , you have deduct TDS , if rent exceeds 240000/- per year @ 10% for land & Building , equipment , furniture , fittings etc and for Plant & machinery its @ 2% , other responsibilities like ,
1) payment of deducted TDS through Challan to GOVT account .
2) filing of TDS return in proscribe time limit .
3) Issue of Form 16A to party of whom you have deducted TDS under section in time limit .
4) making the entries in the books of accounts .
5) prepare one excel sheet month wise for all TDS deducted in the month . make entry in that .
This section is not applicable to individual , applicable to individual only as per 2nd proviso of this section (please refer section 194 I of the income tax more details )
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