The TDS on society maintenance charges paid to a Resident Welfare Association (RWA) or housing society under specific conditions. Section 194C of the Income Tax Act, 1961 governs this. Let me tell you, TDS is applicable if the total annual payment to the society exceeds ₹30,000 for maintenance charges or ₹1,80,000 in aggregate for the financial year. Read on to know more.
TDS on Society Maintenance Rates
The applicable TDS rate is 1% or 2%, provided the payment is made to a resident society. If the society does not provide a valid PAN, the TDS rate increases to 20%.
As far as I know, common area maintenance fees, security services, repairs, housekeeping, and other comparable services offered by society are among the payments covered.
When making payments to society, compute TDS on the amount that exceeds the threshold and deduct it.
The deducted TDS must be deposited with the government by the 7th of the following month.
File quarterly TDS returns using Form 26Q, and issue a TDS certificate (Form 16A) to the society.
However, there are exemptions. TDS is not applicable if the society solely collects statutory dues like property tax or water charges without adding service charges. Non-residents are covered under different provisions (Section 195).
I hope you found this helpful.
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What is the TDS On Society Maintenance Charges?
anku
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33 days
2024-11-29T15:09:45+00:00 2024-12-02T10:39:26+00:00Comment
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