Hi,
After Compliments to all of you. I want to know what is the procedure for deducting the TDS from Rental Payment. Do I have to register with Tax department and get any account number like TIN number? Also how much do I have to deducted, I am paying Rs.25,000/- per month. So far I have not deducted will there be any penalty etc?
Please enlighten me complete procedures of this.
Thanks in Advance. It\'s a bit urgent.
From India, Chennai
1After Compliments to all of you. I want to know what is the procedure for deducting the TDS from Rental Payment. Do I have to register with Tax department and get any account number like TIN number? Also how much do I have to deducted, I am paying Rs.25,000/- per month. So far I have not deducted will there be any penalty etc?
Please enlighten me complete procedures of this.
Thanks in Advance. It\'s a bit urgent.
From India, Chennai
Hi Chandra
To deduct TDS there are many criteria's
I believe you are from some company. If so
Does your company have PAN Number?
Does your company have TAN Number?
To deduct every one should have both PAN & TAN numbers.
At the same time even the building should have PAN number & service tax number too.
If the building owner has PAN number then Applicability of TDS is 10% on the rent amount ie 10% of 25000 = 2500
If no PAN number then TDS is 20% on the rent amount. so total TDS will be 5000 if no PAN number
If the owner has service tax then they should charge Service Tax of 12.36% on the base rent amount.
So total calculation is as below
Base Rent = 25000
TDS@10% = 2500
Service Tax @12.36% = 3090
Total Payable = 19410/-
From India, Bangalore
To deduct TDS there are many criteria's
I believe you are from some company. If so
Does your company have PAN Number?
Does your company have TAN Number?
To deduct every one should have both PAN & TAN numbers.
At the same time even the building should have PAN number & service tax number too.
If the building owner has PAN number then Applicability of TDS is 10% on the rent amount ie 10% of 25000 = 2500
If no PAN number then TDS is 20% on the rent amount. so total TDS will be 5000 if no PAN number
If the owner has service tax then they should charge Service Tax of 12.36% on the base rent amount.
So total calculation is as below
Base Rent = 25000
TDS@10% = 2500
Service Tax @12.36% = 3090
Total Payable = 19410/-
From India, Bangalore
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