Kumar (Accountant) (224 Points)
01 March 2009I have to pay Rs. 70,000 as rent security for premises and I had already paid Rs. 20,000 by cheque in advance and balance will be paid by me after one month. The security is refundable & there is no interest on that. Please tell me am I liable to deduct the tds on this security amount. [Thanks in advance]
krishna iyer
(Sr.Finance Manager)
(197 Points)
Replied 01 March 2009
TDS is not required on security payment. The same is not income of the party. It is refundable.
Abhinav Agarwal
(M.Com C.A SAP Consultant)
(814 Points)
Replied 02 March 2009
Mr.Kumar, if this is your personal case, you are not liable to deduct TDS if you are not covered u/s 44AA.
CAclubindia
