our company paid rent 60000 per month we not diductetd TDS this paid amount its right or
wrong as per gst and income tax law/ rule
It is a non compliance of income tax act
3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 06 October 2021
It's wrong as rent is more than 240000 rupees in a year and TDS should be deducted u/s 194I
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 06 October 2021
The rates of TDS can be summed up as follows: Rent for plant/ equipment/ machinery- 2% TDS on the rent amount paid. Rent for land/ building/ furniture/ fittings- 10% TDS on the rent amount paid. Individual/ HUF not liable to tax audit - 5% TDS on the rent paid in cases where more than `50,000 is paid per month as rent.
Recent Topics
- GST department monitoring financial transactions U
- Omr wrongly shaded
- RCM applicability if received from registered deal
- GST - bill to ship to
- TDS and GST ITC on Membership fees to club
- ITC on Canteen Services by Outsiders
- STPI/Non-STPI registration
- 6 DIGIT HSN CODE QUERY
- TDS on Telephone charges and Internet charges
- CGT on Policies purchased in LIC International whe
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
