I am entering into agreement with a farmer for 20 years land lease, where i have to pay land lease upfront for 20 years @ 30,000 per year. As the amount payable exceeds Rs.2,40,000/- should i deduct TDS or not.
1 Replies
Mohammed Nadeem Ansari
(99 Points)
Replied 19 August 2024
Yes, you are required to deduct TDS (Tax Deducted at Source) on the land lease payments if the amount payable exceeds the threshold limit specified under the Income Tax Act.
you need to deduct TDS at 10% on the total amount being paid.
you need to deduct TDS at 10% on the total amount being paid.
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