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 the tax department and get any account number like a TIN number? Also, how much do I have to deduct? I am paying Rs. 25,000/- per month. So far, I have not deducted; will there be any penalty, etc.? Please enlighten me on the complete procedures for this.
Thanks in advance. It's a bit urgent.
Regards.
From India, Chennai
Acknowledge(0)
Amend(0)
1Thanks in advance. It's a bit urgent.
Regards.
From India, Chennai
Acknowledge(0)Amend(0)
To deduct TDS, there are many criteria. I believe you are from some company. If so, does your company have a PAN Number? Does your company have a TAN Number? To deduct, everyone should have both PAN and TAN numbers. At the same time, even the building should have a PAN number and service tax number too. If the building owner has a PAN number, then the applicability of TDS is 10% on the rent amount, i.e., 10% of 25000 = 2500. If there is no PAN number, then TDS is 20% on the rent amount, so the total TDS will be 5000. If the owner has service tax, then they should charge Service Tax of 12.36% on the base rent amount.
Total Calculation
Base Rent = 25000
TDS @ 10% = 2500
Service Tax @ 12.36% = 3090
Total Payable = 19410/-
Regards
From India, Bangalore
Acknowledge(1)Amend(0)
Total Calculation
Base Rent = 25000
TDS @ 10% = 2500
Service Tax @ 12.36% = 3090
Total Payable = 19410/-
Regards
From India, Bangalore
Acknowledge(1)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
EPFO circular regarding TDS on Payment of Provident Fund.pdf
Responsibilitie s of person who is responsible for deduction of TDS on salary.docx