1. Can I deduct TDS on monthly fee?
The Member entity shall be entitled to deduct tax at source (TDS) on the amounts paid towards Fee and services, in accordance with the provisions of the Income Tax Act 1961 as applicable from time to time. TDS @ 10% is required to be deducted in case the Rent paid/ payable during the Financial Year is more than Rs. 1.8 Lakhs under Section 194I payable during the year. If the rental value for any FY is lesser than 1.8 lakhs, then TDS is not applicable for this FY.
The Member entity shall promptly and regularly furnish the tax deduction certificates in respect thereof to us on a quarterly basis. Our PAN# & GSTIN is mentioned on the Tax Invoices that the member receives.