As per Rent Agreement, 194(I) Rent P.A. is Rs. 150000/-. comes under trush hold limit (180000).. Party does not have PAN.NO.
1) Because of trush hold limit Party should bare 20% tax or 0% tax . Kindly requesting to help me what TAX rate should be taken under income tax act 1961.
In your case the amount of rent is not exceeding the threshold limit, hence it is not necessary to deduct TDS on the above amount of Rs.150000
However, if the rent exceeds the threshold limit i.e Rs 180000 and the party doesnot has a PAN then TDS should be deducted at a higher rate i.e @ 20%
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