Jay Prakash Mishra (Article Assistant) (84 Points)
01 June 2012Suposse A & B is the owner of the building and both have Started a partnership business and they decided to pay that the firm will Pay Rent @ 30000/- pm ?
In the above case total rent paid by the firm is excedding Rs. 180000/- so TDS should be dedeucted firm say?
but , A says that he is receiving only Rs 15000/- pm so TDS cant be deducted ?
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 01 June 2012
If both the owners are getting rent credited into their accounts separately, then there would be no need to deduct TDS as the limit of 180000/- p.a. applies to joint owners separately.
Ankit
(Articles)
(390 Points)
Replied 01 June 2012
there would be no need to deduct TDS as the limit of 180000/- p.a. as they are joint owners
CA Deepak Garg
(Consulting )
(95 Points)
Replied 01 June 2012
Maximum limit for non deduction of TDS is Rs. 1,80,000 for receipant, It depends on the agreement between A & B.
CA Deepak Garg
(Consulting )
(95 Points)
Replied 01 June 2012
Maximum limit for non deduction of TDS is Rs. 1,80,000 for receipant, It depends on the agreement between A & B.
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 01 June 2012
AS BOTH OWNER IS SEPATETE TO EACH OTHER & IN THERE BOOKS THEY SHOW THEIR OWN INCOME SEPATATELY ..
RENTAL INCONE IS BELOW RS 180000.00, SO THAT NO TDS IS REQUIRE TO DEDUCT.
KARANDEEP,CA,B.Com,CS FNL
(JOB)
(457 Points)
Replied 01 June 2012
| Originally posted by : Prateek Agarwal | ||
 |
If both the owners are getting rent credited into their accounts separately, then there would be no need to deduct TDS as the limit of 180000/- p.a. applies to joint owners separately. |
 |
Agreed with Prateek ji
Varuna
(CA Student)
(102 Points)
Replied 02 June 2012
No since both the partners are getting rent separately In their individual names and not as an AOP or BOI..
CA.NAKUL GUPTA
( )
(184 Points)
Replied 02 June 2012
Suppose Bank is paying to Sudhir Generator for Electricity Backup in case of Power failure i.e. Generator provided by Sudhir along with Diesel now whether payment is covered under sec.194C or 194i?
plz Clarify as soon as Possible with legal support in your answer plz...
Jay Prakash Mishra
(Article Assistant)
(84 Points)
Replied 04 June 2012
194-I. Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident] any income by way of rent, shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of—
(a) two per cent for the use of any machinery or plant or equipment; and
(b) ten per cent for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings:]]
So in this case 194I applied
Krishna reddy
(Audit Executive)
(27 Points)
Replied 25 June 2012
Good doubt,
TDS is not applicable in above case, because total rent received by the A or B is below Rs.1,80,000/- as per Income tax under Sec 194 I not applicable below Rs.1,80,000/-.
CAclubindia
