Ours is pvt ltd co. We signed a lease for 11 months for rental accommodation for our director. Lease period being 16/11/2008 to 15/10/2009. Rent charged to books was Rs.90000/- for the period 1/11/2008 to 31st March 2009 i.e. Rs.90000 for 4.5 months. Advance Rent Rs. 10000 for period 1/4/2009 to 15/4/2009 was paid last financial year and no tds was deducted as the total outgo was < than Rs.120000/-. This amount of Rs.10000 has been debited to current financial year. During the current F.Y., 6 payments of Rs.20000 per month will be made with the lease period which will be less than Rs.120000. Do we have to deduct TDS on these payments.?.
4 Replies
Sachin
(Chartered Accountant)
(419 Points)
Replied 18 April 2009
Dear Ashok,
as per section 194 I, you are not required tom deducted tds on rent if your amount of rent not exceeeding 1,20,000. write any query related to Taxation. my email id is sachinagarwalcallb @ gmail.com
Mayank kharbanda
(Risk Advisory Services)
(409 Points)
Replied 18 April 2009
TDS is note required to be deducted as the payment is less than 1,20,000.00
vijay
(.)
(212 Points)
Replied 20 April 2009
No, its not required to deduct TDS as the amount is Below Rs. 1,200,00 P.A.
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