virendra nath pandey (Chartered Accountant) (36 Points)
22 May 2010My query is regarding Deduction of TDS on rent.
If I require to pay rent 36000 quarterly to a person in advaance in May 10 should I deduct TDS @ 20% in absence of PAN No.
as currently the Limit for deduction is 120000 annual, it will increase from 1.07.10 after finance bill 2010 come in to the force.
Pl clear in the light of provisions.
Thanks in advance.
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 22 May 2010
I think there is not need to deduct the TDS as till date you have not crossed the limit of 1.20 lakhs and after June you will not cross the limit of Rs. 1.80 Lakhs ( You are paying 36 K x 4 = 1.44 Lakhs)
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