It is essential for both businesses and individuals to maintain thorough records of all TDS/TCS deductions and collections. This practice will assist in ensuring full compliance with all stipulations and avoiding potential penalties or interest charges.
If an individual is liable to deduct TDS before making certain specified payments then it must be done at once. Otherwise the consequences will be dire. Further after deducting and depositing the TDS, an individual must also file a TDS challan cum statement form too. Failure to do so might attract penalty.
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Use these forms to eliminate avoidable TDS on income from interest, commission, rent and so on. Although there is no specific deadline for submitting these forms, it is best to do so in advance, preferably in April or May
If a tenant is paying an rent of more than Rs 50,000 to his/her Indian resident landlord then TDS must be deducted. However in case a flat is being shared among multiple tenants, the applicability of TDS on house rent slightly differs. Further this also depends on the the type of rent agreements too.