Individual whose turnover for previous year exceeds Rs.1crores. So,TDS provision is applicable to him for current year.
if he made payment more than 50000 per month als
rent for his residential purpose,whether he has to deduct TDS under sec 194I or 194IB.
13 Replies
rama krishnan
(12239 Points)
Replied 15 November 2019
If he's liable to audit his books as per 44ab, then tds to be made under section 194I else under 194IB
Kapadia Pravin
(17259 Points)
Replied 15 November 2019
When individual is paying rent of more than 50000/- p.m. he has to deduct TDS under 194IB @ 5%
Here turnover, audit, 44AB, all are not relevant.
Here turnover, audit, 44AB, all are not relevant.
sabyasachi mukherjee
(27574 Points)
Replied 15 November 2019
@ sai prasanth
tds applicalble under section 194I.
exceeds 50000 but not Rs.240000.
tds applicalble under section 194I.
exceeds 50000 but not Rs.240000.
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 15 November 2019
@ kapadia I think section 194IB is applicable only to non audit cases where rent payments are paid in excess of rs. 50000 per month.
All audit cases are required to deduct TDS at 10% under 194I if the aggregate of the rental payments exceeds 240000
Correct me if I'm wrong
Kapadia Pravin
(17259 Points)
Replied 15 November 2019
@ Ramakrishnan
Thanks for seeking clarification.
it is clear from the query that time Assesee is an individual under tax audit.
But it's also provided he pays rent 50000/- for his residential purposes in his individual capacity and it is not business expenditure.
That's why 194IB @ 5% is applicable (and note 194I).
Hope it's clarified. Good day Sir
Thanks for seeking clarification.
it is clear from the query that time Assesee is an individual under tax audit.
But it's also provided he pays rent 50000/- for his residential purposes in his individual capacity and it is not business expenditure.
That's why 194IB @ 5% is applicable (and note 194I).
Hope it's clarified. Good day Sir
sabyasachi mukherjee
(27574 Points)
Replied 15 November 2019
@ rama
sec 194IB is for individual.
and rs.50000 threshold limit.
rate of tds 5%.
sec 194IB is for individual.
and rs.50000 threshold limit.
rate of tds 5%.
Kapadia Pravin
(17259 Points)
Replied 15 November 2019
Everybody knows 194IB section details. sanyasachi, Important is your reply with support. Do you agree with any of the above posts ? If yes please state so.
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 15 November 2019
Sorry I didn't notice that rent was paid towards residential purpose
CA R SEETHARAMAN
(CA Practice )
(145994 Points)
Replied 18 November 2019
As turnover exceed 1 cry TDS u/s 194 I applicable.
Kapadia Pravin
(17259 Points)
Replied 18 November 2019
@ Seethraman,
But sir it is also mentioned in the query that he pays rent 50000/- for his residential purposes in his individual capacity. And that's why 194-IB
Pl revert .
But sir it is also mentioned in the query that he pays rent 50000/- for his residential purposes in his individual capacity. And that's why 194-IB
Pl revert .
CA R SEETHARAMAN
(CA Practice )
(145994 Points)
Replied 18 November 2019
194 IB applicable in case turnover less than 1 crore where normal TDS provisions not applicable.
Dipen
(article)
(458 Points)
Replied 04 November 2023
If TDS u/s 194 I is applicable @ 10% , then this needs to be deposited monthly?
If yes, deductee will receive form 16a and not 16C
Recent Topics
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
Related Threads
CAclubindia
