Rent payable-u/s 194i of income tax act,
Charudutta R. Mhalgi
(Querist) 30 October 2013
This query is : Resolved
To
Respected Sir,
Whether a Corporation ( a Semi Govt. body )
can deduct TDS on rental charges plot/land
given to Contractor on rental bais.
Kindly advice for the same.
Regards
C. SANJEEVA RAO
(Expert) 31 October 2013
Your query is not clear, however, the person to whom you have given on rent, has to deduct the tax from the rent payable/paid if the specified limit exceeds i.e.Rs.180,000/- as per the provisions of Section 194I of the Income-tax Act,1961. In your case the rate of TDS is 10%. For CBDT clarification you see the Circular No.715 dated 08-08-1995. And you are advised to contract your local tax consultant/CA for the better appreciation, such as to help in obtaining TAN etc.
Rajendra K Goyal
(Expert) 31 October 2013
Facts not clear.
Consult you tax consultant and show him all the documents.
R.V.RAO
(Expert) 21 February 2014
yes.U/S 194I, TDS is applicable on rent payable on land and buildings etc...@10%.
limit is Rs1.8 lacs P.A.
when you file IT return,and offer the rental income,claim the TDS ,based on TDS cert.issued by deductor.
