Dear Sir,
I have one query regarding TDS on Rent (as per section 192 I). TDS on rent liability will arise when rent exceeds Total limit of Rs. 1,80,000/- per annum to each payee or co-owner separately. Now, I would like to know that as we have shifted our office in october 2013 and in new office we have to pay Rs. 25000/- per month rent for flat that means Rs. 1,75,000/- for 7 month in this financial year to one co-owner and Rs. 15000/- for 7 months i.e; Rs. 1,05,000/- to other co-owner for rent for furniture and fixture. So, whether we have to deduct TDS or not.
TDS on Rent: Section 192 I Threshold Applies Separately to Each Co-Owner; No Deduction Required Below Rs. 1,80,000. A query was raised regarding the applicability of Tax Deducted at Source (TDS) on rent under section 192 I of the Income Tax Act. The question involved whether TDS should be deducted when the rent paid to each co-owner does not exceed the annual threshold of Rs. 1,80,000. The office pays Rs. 1,75,000 to one co-owner and Rs. 1,05,000 to another for furniture and fixtures over seven months. The response clarified that the Rs. 1,80,000 limit applies separately to each payee, indicating no TDS deduction is required in this scenario. (AI Summary)
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