Kirti (Accounts Executive) (62 Points)
25 December 2008Dear Members
Little confusion for TDS for the Financial year 2008-09.
any one can send me criteria for deduction of TDS in case of Rent for the office.
During the f.y.2008-09. Rent per month is rs.15000/- for office. but on 8th month closed office. so totally payment is does not exceed rs.120000/-. should our company is liable to deduct TDS ?
Ameet
(L)
(1678 Points)
Replied 25 December 2008
THERE IS NO LIABILITY TO DEDUCT TDS IF YOUR PAYMENT DURING THE FINANCIAL YEAR DOES NOT EXCEED RS. 1,20,000/-.
CA. AMIT BHUTANI
(JOB)
(124 Points)
Replied 25 December 2008
IN THIS CASE T.D.S. WILL NOT BE DEDUCTED BECOZ LIMIT IS UPTO 120000/-U/S 194 i
somesh kumar khandelwal
(ca)
(24 Points)
Replied 25 December 2008
hiiiiiii
this somesh new on this club
plz find the attachment
bye
Swaminathan
(Chartered Accountant)
(84 Points)
Replied 25 December 2008
Dear Mr. Somesh,
Thanks for the attachment. As per 194-C TDS to be deducted in case, single payment exceed 20,000 or total payment in a year exceed 50,000.
But in the excel sheet only 20,000 condition is mentioned.
PIYUSH AGARWAL
(CHARTERED ACCOUNTANT)
(91 Points)
Replied 26 December 2008
well there is no liability to deduct TDS AS THE RENT PAYMENT DOES NOT EXCEED 120000.00
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 26 December 2008
TDS Under Section 194I is deducted due or payment whichever is earlier.....and i think for 7 months she must have passed any of these entries.....dont u all think on the provisional basis she should deduct TDS or should we consider that they were kwoning that office willbe closed within 8 months
Do reply me and after considering it.
Thanks
CAclubindia
