I have given a commercial building on rent ( for vehicle service). On 01/12/2020 While making an agreement the client had given me an advance of Rs.10 lakhs which is agreed to deduct Rs.10000 each from monthly rent for 100 months. TDS @ 7.5%, ie Rs.75000 was deducted and paid to TDS department in my PAN.
Actual rent- 33,000 per month
Advance rent deducted- (-) 10,000
Less TDS @ 7.5% (-) 1725
Amount credited to Bank 21275
While filing ITR for FY 2020-21, In 26AS the total TDS deducted was Rs.81900(Rs.75000+ 1725*4) against amount credited Rs.1092000.
Will the rent advance Rs.10 lakhs will be treated as income in FY 2020-21 itself . If not, how much amount is need to show as rental income in Fy 2020-21.
Can I Claim entire TDS credit in this FY.
Kindly help
CAclubindia
