Mr. A hire a open land From Mr. B for 1 month. mr. B chrged Rent Rs 175000.
So Mr. A deduct TDS in the Payment of Mr.B if yes Than What is the percentage?
4 Replies
Nisha Yadav
(Accounts exe)
(455 Points)
Replied 20 April 2013
10%.. But threshold limit is 180000 on rent
rahul pareek
(article)
(25 Points)
Replied 20 April 2013
Sec194(I): tds @ 10% if the rent paid exceeds rs 180000 then tds on whole of such amt is to be deducted
sureshraj
(employee)
(356 Points)
Replied 20 April 2013
Dear shehbaz,
Threshold limit for hireing equipments is Rs. 180000 per year.
Before deducting TDS on hire charges, deduct-er has Tax audit his books of accounts in previous year, than only he eligible for deducting TDS on hire charges.
MANOJ KUMAR SHARMA
(accountant cum auditor)
(44 Points)
Replied 20 April 2013
u/s 194 i not applicable bcoz rent is <180,000
so dosen,t matter of tds 2nd matter percentage is 10% ok
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