TDS 194-I Rent

NO, you are not suppose to deduct TDS.

TDS is applicable to those whose aggregate turnover in previous financial year crosses 1 Cr.

You are required to deduct TDS . aggregate Turnover 1 crore ( 2nd proviso in section 194I ) is applicable only in case of Individual and HUF not in case of partnership Firm .

What is mean by scrip sales?? I need some examples

Dear Ruchika and Prasad,
I had the same doubt. Since mine is a Partnership Firm (profession) tax audit limit is 50 lakh, but my TO is less than 50 lakh. Now the land lord telling that 194I is not applicable and he is not allowing to deduct TDS. Telling that your firm's TO is less tha Tax Audit Threshold.

Turnover limit ( 50 lacs) professional Income is applicable only in case of Individual and HUF not for partnership Firm .

please go through 2 nd  proviso of section 194 I of the Income Tax act 1961 .

Rent upto Rs.2,40,000/- is exempted and you have to deduct TDS U/s 194I for Rs.10,000/- @ 10%.ie,TDS to be deducted is Rs.1000/-

It's safest to deduct tds.