if rent i s paid 20000 and i hv to deduct tax @ 2.36 wh will th trearment i would like to know th entries with trearmaent
PRADEEP D PATANGE
(CA-Fresher-Service)
(110 Points)
Replied 01 April 2009
hi
You mean to say Rs. 20000/- per month
TDS to be deducted as fallow
| Rent | ||||
| Deductee type | IT | SC | EC | Net Rate |
| Threshold Limit - Rs. 120000 | Threshold Limit - Rs. 120000 | Threshold Limit - Rs. 120000 | Threshold Limit - Rs. 120000 | Threshold Limit - Rs. 120000 |
| Individual /HUF <= 10 lacs | 15 | 0 | 3 | 15.45 |
| Individual /HUF>10 lacs | 15 | 10 | 3 | 16.995 |
| Company <= 1 crore | 20 | 0 | 3 | 20.6 |
| Company > 1 crore | 20 | 10 | 3 | 22.66 |
| Firm <= 1 crore | 20 | 0 | 3 | 20.6 |
| Firm > 1 crore | 20 | 10 | 3 | 22.66 |
| Co-Operative Societies | 20 | 0 | 3 | 20.6 |
| Local Authority | 20 | 0 | 3 | 20.6 |
Entries Will be:
Rent A/c .....................Dr. (Full Rent Amount)
To BAnk A/c (Rent - TDS)
To TDS on Rent A/c (TDS)
TDS on Rent A/c.........Dr (TDS to Goverment)
To Bank A/c
Predeep
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