I paid rent of shed used for business purpose having annual rent above Rs 180000/-. I got this shed through broker. But I am paying rent to owner directly and brokerage to broker. So whom should I deducte TDS. To both of them or only broker.
2 Replies
HEM@NT G@RG
(ARTICLE ASSISTANT)
(313 Points)
Replied 05 May 2014
hello lokesh
You should not suppose to deduct the TDS on rent. As as per the provision there is exemption of 180000 or more.
As per section 194 I TDS need to be deducted on payment of RENT when it exceeds the threshold ceiling limit. (Current limit Rs. 1,80,000/-) i.e Rs. 15,000/-. Per month.
Now What is called RENT as per section 194 I?? ‘Rent’ means any payment, by whatever name called, under any lease, sub lease, tenancy or any other agreement or agreement for the use of (either separately or together) any – Land, or Building (including factory building), or Machinery, or Plant, or Equipment, or Furniture, or Fittings Whether or not any or all of the above are owned by the payee.
wait for your reply..
Lokesh Rankawat
(Intern)
(47 Points)
Replied 05 May 2014
Thanks Hemant.
But for whom should I suppose to deduct Tds, as both brokerage & rent is more then their threshold limit
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