SIR, A PERSON HAVING GST AND DOING ONLY EXEMPTED SALES FOR 3600000/-
HE NOW RENT A COMERCIAL SHOP FOR 120000/- PER MONTH.
IS HE NEED TO PAY GST & INCOMETAX?
INCOMETAX TDS 10% RIGHT?
4 Replies
sudip sharma
(article)
(734 Points)
Replied 27 December 2020
No income tax tax on income not expenditure. gst in rcm if rent from cg sg ut local authorities otherwise no gst.
Shivam RC
(Student)
(23683 Points)
Replied 27 December 2020
If you have taken a shop on rent, then it is a expenditure for you not revenue. So you are not required to take Registration under GST since you are dealing in Exclusive Supply of Exempted Goods [ Section 23 of the CGST Act 2017 ].
As far as Income Tax is concerned, TDS U/s 194-I of the Income Tax Act 1961 @ 10% needs to be deducted if the aggregate rent payable exceeds Rs. 2,40,000.
As far as Income Tax is concerned, TDS U/s 194-I of the Income Tax Act 1961 @ 10% needs to be deducted if the aggregate rent payable exceeds Rs. 2,40,000.
MURALIDOSS
(INCOME TAX PRACTITIONER)
(1329 Points)
Replied 28 December 2020
Sorry sir, He rent a commercial shop to others. That is Rent income per month for him 120000/- i.e 120000x12 = 1440000/- per year receipt.
Also he got gst and doing Exempted ( paddy & non branded rice) turnover last year .
For that 120000/- per month need to deduct tax 10% right sir. and also the tds either deducted and paid by tenant or owner need to pay by himself?
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