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Q. > Please Help: TDS
If an individual has salary income and he is receiving rent as well of RS 300000/- and payer is the same company i.e. rent and salary is paid by same company then in what manner shall company will deduct tds of that individual. Kindly guide over this issue
answered Oct 31, 2013 by shankygarg , Karnal
WHILE DEDUCTING TDS ON SALARY , OTHER INCOMES & LOSSES REPORTED BY EMPLOYEES SHOULD BE TAKEN INTO CONSIDERATION FOR THE COMPUTATION OF TDS. BUT , IN YOUR CASE TDS ON RENT IS ALSO DEDUCTED BY THE SAME COMPANY ,WHO IS PAYING SALARY .
IN MY OPINION , TDS ON RENT & SALARY SHOULD BE DEDUCTED SEPARATELY AS IF BOTH ARE DIFFERENT.ALSO , FOR TDS ON RENT FORM 16A IS TO BE ISSUED WHILE FOR TDS ON SALARY - FORM 16.
Experts Panelist
Comments
CA Neha Garg
02-Nov-2013 , 01:00:47 pmthank you......
Sundeep
03-Nov-2013 , 10:13:28 pmThere are basically two facts that are relevant. 1. As an employee of the company the TDS on salary will be government by Circular No. 8/2013. And the rates at which TDS will be deducted will be as per the average tax arraived as per the formula depicted therein. 2. TDS on Rent will be government by Section 194I and deduction will be as per the self explainatory provisions. 3. While arriving at the total taxability, the employee may declare the rent received and TDS deducted thereon so as to get all the income clubbed in the Form-16 issued by employer. The point to be kept in mind is the Net Annual Value to be reported after deduction of 30% for repairs and claiming of Interest on borrowed capital if any. Hope this detailed analysis, have helped you to arrive at the legal standi of the case. Regards, S kamath skamath@saasintellect.in
ROHIT GOEL
06-Nov-2013 , 12:13:31 pmthe company should consider both the income while calculating the tds amount after applying the 24a on rental income of the employee
CA. ANIL GOEL
08-Nov-2013 , 12:46:54 pmSINCE THE RENT PAID IS IN EXCESS OF EXEMPTION LIMIT, SO THE COMPANY IS LIABLE TO DEDUCT TDS SEPARATELY BOTH ON SALARY (IF SALARY IS TAXABLE) AS WELL AS RENT.