@Sakshi_Jain Thanks for your response. If one pays full rent (>Rs.50000 pm) on a monthly/quarterly basis for the entire year and deducts TDS @2% of the annual amount of rent only in the last month of the fiscal year, will it not be construed as non-deduction of TDS while making the monthly/quarterly rent payment to the landlord, and evading the TDS for the 11 months, thereby attracting an interest and penalty charges while filing the ITR. Please confirm.
Alternatively, will it not be safe to deduct TDS @2% of the monthly/quarterly rent payments and pay via Forms 26QC, such that there will be multiple Forms 26QC filed during the year. Is there anything wrong while filing multiple Forms 26QC, or is there a limit to number of Form 26QC to be filed in a year?
If you want to file form 26QC voluntarily on monthly basis then you can. There is no restriction on the same.
Also, if you deduct the TDS on monthly basis, interest on late payment will not be applicable as the law requires you to file 26QC at the end of the financial year or when the rent agreement ends, whichever is earlier.
I don’t see any option for paying TDS in the portal. Can you pls help. I am not seeing new payment option too.
Hello @Sabari_arul_nagaraja
You will find the option to file Form 26QC there. Try refreshing the page once and check again. I’ve attached a screenshot for your reference.
Hope this helps!
Hey @tdsqueries
If you are paying monthly rent of Rs. 98,000:-
Total Value of Rent Paid: 11,76,000
Value of Rent Paid in Last Month : 98,000
Amount Paid/Credited : 11,76,000
Amount of Tax deducted at Source: 23,520
Hope this helps!
Thanks. just re-clarifying on Amount Paid/Credited, do we write the entire amount or amount to be paid minus the TDS amount?
Hey @tdsqueries
Amount Paid/Credited will be 11,76,000 (The entire amount).