Mr.x is a landlord and Mr.y is a tenant ,mr.y pay house rent to mr.x Rs.30,000/-P.M ,Mr.y can deduct tds on this amt. both are individual and mr .y is a salary person. What is the tds treatment in this condition. Please help.
Thanks in advance.
18 Replies
Z
( )
(2965 Points)
Replied 23 December 2011
"mr .y is a salary person."
According to the provisions of sec 194 I , individual not liable to tax audit u/s 44AB can not deduct tax at source
If Mr. Y does not has any income u/h PGBP and/or not liable to tax audit then he can not deduct tax @ source
Rohit Kumar Sharma
(C.A. FINAL)
(117 Points)
Replied 23 December 2011
TDS u/s 194 I - TDS on Rent
Mr. Y must take TIN no. From NSDL
Fisrt month no deducted tds full payment Rs 30,000
May month no deducted tds full payment Rs 30,000/-
June month No deducted tds full payment Rs. 30,000/-
july """""""""""""""""""""""""""""""""""""""""""""""""""""Rs. 30,000/-
aug"""""""""""""""""""""""""""""""""""""""""""""""""""""Rs.30,000/-
Sept"""""""""""""""""""""""""""""""""""""""""""""""""""'Rs. 30,000/-
Oct mont tds deducted 10% all amount (Rs,30,000+Rs. 180,000/-) *10%= Rs. 21,000/- And balance payment to X
Next months tds deducted on Rs.30,000/- @ 10%
Thanks
CA Kumar Mukesh
(CA CMA FINAL and Advance Excel Trainer)
(6881 Points)
Replied 23 December 2011
TDS is required to be deduct only if exp is connected with the Business of profession of the assessee if assessee is required for tax Audit
Since assessee salaried person there is no need to deduct TDS on rent paid
but Tenant should take pan card of landlord for his sake to avoid litigation with department
Maneesh Kumar
(B.Com M.Com STUDENT CWA IPCC)
(507 Points)
Replied 23 December 2011
Give me full details for this provision ,Mr x has income only from house property.
CA Kumar Mukesh
(CA CMA FINAL and Advance Excel Trainer)
(6881 Points)
Replied 23 December 2011
Please See Section- 194(I)
SUNIL
(ACCOUTANT)
(167 Points)
Replied 23 December 2011
Tds not payable on individual case . TDS is only deducted on those who a/c is under Section 44B
SHASHI KUMAR CG
(CA Final - Waiting for results)
(40 Points)
Replied 23 December 2011
I agree with Mr Mukesh Kumar.
Santhosh
(Accounts Officer)
(38 Points)
Replied 24 December 2011
Not Just everyone can deduct TDS,
Only those person whos accounts are liable to get audited under Sec 44AB should deduct TDS, an individual cant deduct tds.
KARANDEEP,CA,B.Com,CS FNL
(JOB)
(457 Points)
Replied 24 December 2011
Maneesh Kumar
(B.Com M.Com STUDENT CWA IPCC)
(507 Points)
Replied 24 December 2011
THANKU VERY MUCH .NOW CLEAR MY DOUBT.
Dipak Chauhan
(Accountant)
(21 Points)
Replied 24 December 2011
DEAR SIR
HOW TO FILE REVISE TDS RETURN.
THANKS
DEEPAK CHAUHAN
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