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TDS On rent

Rohan Rawat (job) (49 Points)

06 July 2018

I need you help..

01 Jan 18, Rent paid 50000 p.m. to landlord , calculates TDs on rent with journal entry on 31 Jan 2018?

thanks

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 06 July 2018

Rental book under expenditure account as

By. Rental A/c - 50000
To. Landlord A/c - 45000
To. TDS on Rent A/c - 5000

Payment :

By. Landlord A/c - 45000
To. Bank Account - 45000

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Rohan Rawat (job) (49 Points)
Replied 06 July 2018

but when rent is 10000p.m. ?? it's not to be deducted tds under 194 I..

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 06 July 2018

If it's 10k p.m. Then the total value not exceeding Rs 1.80 Lakhs in a FY as per sec 194I...
So, No need to deduct TDS.

1 Like

Sontena bhaskara rao (78 Points)
Replied 13 July 2018

dear raja p m sir, but in a financial year we have to enter 12 months rent entries. as per tds law in a financial year any transaction related to tds having more than 10 entries it's applicable to deduct tds. is it true or not?, is this not applicable to rent?. if why?