Re: [aurangabad_ca] TDS on rent

Thursday, February 4, 2010 11:23 PM By Livemail

 

Dear Friends,
 
All questions are answered in the Income Tax Act, 1961 passed by parliament and signed by the President of India.
Only and only if you do not any clarity you can go to dept clairifcation etc. If the ACT is clear then the circular or clarification issued by the dept has not local standing. There may be some cases supporting the notification. It is because the person who represented faild utterly before the judge.
 
Now to answer your question please read sec 194I [given under:]
 
194-I. Any person, not being an individual or a Hindu undivided family, who is responsible for paying to 94[a resident] any income by way of rent95, shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, 96[deduct income-tax thereon at the rate of..
 
As you can see from the protion marked in RED with underline it is "the Payee". The section is silent on the Property.
 
Hence as long as the payee is same and the total amount exceeds 120000 then TDS is recoverable irrespective any clafication given by any other authority.
 
sivaraman v


 
On 2/3/10, Prasad Kulkarni <pkulkarniassociates@gmail.com> wrote:
 

If You are giving the rent from one business or firm to one person for 2 property then have to deduct the TDS either paying rent from 2 differnt firm to one proerty owner and not exceeding the limite not necessory to deduct the tds



On Wed, Feb 3, 2010 at 12:33 PM, sharad deshmukh <sharad_deshmukh@hotmail.com> wrote:
 

Rajiv,
Ifeel it is the recepientwho is to be considered for TDS puposes.Even though prperties are two and sitauated in two different locations,same landlord is gewtting rent exceeding Rs.120000/- p.a. and as such tax has to be deducted.
deshmukh
 
> To: aurangabad_ca@yahoogroups.com; mayurgosar@yahoo.co.in
> From: rajivjoshica@eth.net
> Date: Sun, 31 Jan 2010 10:13:12 +0500
> Subject: Re: [aurangabad_ca] TDS on rent
>
> Yes U have to deduct TDS as U are paying rent to one and only one pperson .
>
> CA R B JOSHI
>
> ----- Original Message -----
> From: mayurgosar <mayurgosar@yahoo.co.in>
> Date: Saturday, January 30, 2010 7:49 pm
> Subject: [aurangabad_ca] TDS on rent
> To: aurangabad_ca@yahoogroups.com
>
> > Question : The limit of Rs 1.20 Lakh p.a. for TDS on rent is
> > applicable to each payee or to each property
> > If I am paying rent of Rs 9000/- p.m. each for two different
> > properties (located in two different buildings) to same person, do
> > i need to deduct tax
> >
> > Regrads
> > Mayur Gosar
> >
> >
>
>
> ------------------------------------


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--
Prasad Kulkarni
Prasad Kulkarni & Associates
Chartered Accountants
MIDC Chinchwad, Pune
(M) 94220 85933
(O) 020-27370123


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DISCLAIMER
AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.

The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).

Considering all above facts m the transaction based on above mail may not complete without confirming  proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group's Owner/Moderator/Member  are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.

For Seeking any Clarification you may mail only to  Group Moderator on
girishkulk@gmail.com

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