i have let out a commercial property on rent. and i am paying the property tax for it. when the tenant pays me the rent is it correct that TDS can be deducted after reducing the property tax paid on the rent. ie, TDS= (Rent -Property TAx)*20.6% is this the correct way. please help me. its urgent.
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TDS on rent
Replies (5)
No, the tenant is supposed to deduct the tax at source on the amount of gross rent.
wrong,tds should be deducted on gross rent
TDS should be deducted on the gross rent and not the net rent.
According to Sec.194I, payer is liable to deduct tax on the amount paid or credited to the payee. Hence there is no concern as to whether payee is paying property tax or not. Thus TDS should be deducted on gross amount and not no the net amount.
if the tenant is paying rent on building let out for commercial purposes with out deducting TDS, is the land lord liable to pay TDS on the payment received on account of rent. if so, when? or whether this is to be done at the end of the financial year at the time of filing returns?
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