However, no TDS will be deducted if you are an individual or Hindu Undivided Family (HUF) and your books are not required to be audited. If you are a working professional then your employer will deduct TDS as per the applicable income tax slab rates. How to Get Rid of Damp, Mould and Condensation in Rented Homes, Click here for the difference between insured and custodial, Use our deposit calculator to find how much five weeks’ rent. In case of paying rent by you either as an individual or HUF where the amount payable exceeds Rs.50,000 then a TDS at 5% will be deducted even if your books are not liable for tax audit. Once the ITR is filed, the TDS refund will be processed by the Income Tax Department. It tells me my maximum deposit (five weeks’ rent) is £115. For the majority of the payment, TDS rates are set in the Income Tax Act the payer deducts TDS as per the rates applicable. I subtract £115 (five weeks’ rent) from £200 (two months’ rent) to get £85. Your TAN will be your user ID. The resulting figure is the amount you must repay. For the majority of the payment, TDS rates are set in the Income Tax Act the payer deducts TDS as per the rates applicable. In case of correction desired for challans in Form 280, 282, 283, the copy of PAN card is required to be attached. The TDS collected is then transferred to Government Account. Kotak Mahindra Bank. ‘End’ the protection, stating there has been no dispute and you will be returning the entire deposit. You will have to pay the insurance fee again. A lot of questions had cropped up regarding if mutual funds would be a requirement to deduct TDS on the capital gains on redemption units. The refund might be credited to the bank accounts by 6 months. Insured TDS deposits cannot be ‘edited’ mid-tenancy, so you will need to do the following. Below is a step-by-step guide on how to repay the excess deposit value for each of the three English deposit protection schemes (DPS, MyDeposits and TDS) including the differences between insured and custodial schemes. The rules were amended in the previous budget session, to make it compulsory to share your Aadhaar in case you do not have a PAN, thus meaning that the 2 numbers are now inter-operable. As per the Finance Act, 2020, the scope widens for TCS provisions to cover overseas fund transfer under the RBI LRS, sale of tour packages from abroad, and sale of goods. Your TDS Custodial online account allows you to register tenancy properties, and also link landlords to them. copy of the Prescribed Information together with details of the scheme applicable to the registration of the Deposit. Hence TDS is required not only to be paid by salaried people but self-employed individuals as well. This can be explained with an example. Under Tax Registration Details. Please give reference if any and section. Is TDS Deductable? We process Expert payments once a month. This is a guide on how to return excess deposit amounts for all three government approved deposit protection schemes in England: (Click here for the difference between insured and custodial). Rs 5,000 in a financial year. TDS or Tax Deducted at Source is a specific amount which reduced when a certain payment like salary, commission, rent, interest, professional fees, etc is made. The answer to that question depends on how long the account has been inactive. But as per Section 194A(3)(iii)(a) interest payment to banking company is excluded from TDS. When you register a tenancy deposit, you can select the property and landlord(s) from your account. Step-by-Step Guides for All Three Deposit Schemes. Request received - loud & clear!Returning you to where you were... (You can save searches, track your apps & save plenty of time!). My monthly rent is £100. TDS Due Dates of FY 2020-21 for Return Filing, https://www.incometaxindiaefiling.gov.in/home. My tenancy deposit is £200, i.e. Ltd. pays Rs.90,000 as rent every month to whoever owns the property. two months’ rent. Thus, no TDS will be deducted in this case. 13,500 to the account of the depositor. via bank transfer, retaining the remaining deposit amount. Instruct MyDeposits how much of the deposit needs to be returned to the tenant. TDS forms have been amended by the Central Board of Direct Taxes (CBDT) to give effect to the new withholding provisions under Finance Act, 2020. 16A, and other TDS data. Read More about IBANs here Bank Name The name of the bank where the recipient’s […] Visit the official website of the Income Tax Department. Failure to do so will mean that they could face a deduction of 20% from their income. Provide bank details: Yes and fill sub screen. Dr. 60,000 To SBI Loan A/C 60,000 (3) For Amount Repaid This TDS of … We hold your deposit safely in a secure bank account on the behalf of yourself and your tenant. You can also submit Form 15G and Form 15H to the bank if the total taxable income is below total taxable limit. It ensures that people do not evade payment of taxes. Our custodial scheme works a little differently and is completely free to join and use. The announcement clarifies all confusions and states that a mutual fund is mandatory to deduct a TDS of 10% on dividend payment. TDS (Tax deducted at source) combines the concepts of ‘pay as you earn’ and ‘collect as it is being earned'. The deductor is liable to provide this form to the deductee. The tax department is now levying a 10% TDS on dividend and income payable by a mutual fund if the amount exceeds Rs.5,000 in a year. Preloading your Prescribed Information details When you protect a deposit with TDS Northern Ireland, you are required by law to give the tenant “Prescribed Information”. The Income Tax department has amended TDS (Tax deducted at source) rules after introducing new TDS rates for high-value cash withdrawals from banks. The custodian—a designated manager or investment … You can use your bank’s net banking facility to check whether your TDS has been deducted provided your PAN is linked to it. If you have a custodial scheme then DPS will make the repayment on your behalf once you complete the above steps. DPS will update their system assuming that you make the payment as soon as they receive and process the email you send them. The bank had deducted TDS of Rs. Enter your number below. According to the government, it is now compulsory for employees to share their Aadhaar or PAN details in case they are eligible for TDS. Time is money, and TDS’ Custodial Scheme offers many unique, time-saving features. Here are the penalties levied by the Income Tax Department for the failure to submit or defaults in submitting your TDS return/statements: Individuals can claim TDS refund on the Income Tax website. In case the company deducts the TDS but fails to make the payment on time, then under Section 201A, an interest of 1.5% p.m. will be charged from the deduction date to the date on which the TDS was paid. Uh-oh! Click on the aforementioned option and fill in your login information before clicking on ‘Login’. As the name suggests, the concept of TDS is to deduct tax at its source. Suppose, a person has kept a fixed deposit with a bank. However, the Income Tax Returns must be filed, and the TDS refund must be shown. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. The TDS will then make the payment and update the certificate to reflect the new deposit amount. Additionally, the rate of Tax Collection at Source (TCS) for specified receipts have been reduced by 25% of the existing rate as well. It will ask you for: landlord ID, registered email address, deposit ID, property address current deposit value, current rental payment amount, rental period and amount you want to repay. Select the deposit protection in question. State Bank of India (SBI) has informed its customers that Form 16A is available at all SBI branches. In this forms, details of TDS deducted and deposited on various resident and non-resident payments are required to be deposited. will be eligible for the reduced rate of TDS. Yes. Various types & rates of TDS deduction are present. Let’s assume that a start-up company called ABC Pvt. Any individual with annual income of over Rs.2.5 lakh will have to pay taxes. Compensation on acquiring immovable property, Interest apart from interest on securities. Here are some of the income sources that qualify for TDS: TDS rates on salary are the same as the tax slab rates applicable to individuals. A great step by step tutorial will help people to activate and Generate TDS return, form No. In case the deductor fails to pay the TDS on time, then a penalty of Rs.200 per day, under Section 234E will have to be paid. charges etc. The Covid-19 pandemic is affecting us all, and the health and security of our customers is our priority. They are to give the details of the TDS thus recovered or we have to get it for properly calculating our Income Tax liability and remit advance tax, final tax and submit IT return correctly. Initial a partial repayment of the excess deposit amount. Attach the document to an email and sent the email to depositcap@depositprotection.com. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.. The calculator is just a spreadsheet. TDS Certificates are of two types: Form 16 and Form 16A. The owner can add the gross amount of Rs.90,000 to his income, thereby allowing him to take credit of the Rs.9,000 that has already been deducted by ABC Pvt. The taxpayer has to submit the request form for correction (in duplicate) to the concerned bank branch. 7.4 Any interest earned on the holding of the Deposit will belong to the Tenant Deposit Scheme (‘TDS Custodial’). The concept of TDS was introduced with an aim to collect tax from the very source of income. It is much more convenient for the deductee as the tax amount payable is automatically deducted. The post will explain in simple terms the meaning,understanding and creation of tds entry in Tally.erp 9,with journal entry for TDS and how to make necessary tds entry in tally. Re-protect the deposit by registering a new deposit certificate TDS, just as if it was a new tenancy. We have had many questions from tenants, landlords and agents – please see our Covid-19 resource page for the latest information.. For example, if your date of birth is 5 March 2000 then the password will be 05032000. | The Tenancy Deposit Scheme is a multi-award winning, Government-approved provider of … TDS is deducted from the payments made by the individuals as per Income Tax Act. Tel: 0300 037 1001, TDS Custodial is a company registered in England and Wales with number 4851694 Registered Office Address: West Wing, First Floor, The Maylands Building, 200 Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 7TG 40,000/- each. the TDS in the financial year is likely to be Rs 3,750. Guides. You only need to register these details once. 7.5 The Deposit has been taken for the following purposes: TDS exception is essentially a mechanism developed by the Indian Government where in there is a tax deduction at the source of an income, calculated at a specific rate and thereby becomes payable to the department of Income Tax. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The bank with whom you hold a working account will deduct TDS at 10%. Remuneration paid to director of the company, etc. The TDS applicable to the amount is 10%, so the company must subtract Rs.9,000 and pay Rs.81,000 to the property owner. This consolidated tax statement gives you the clear details of TDS … However, if they do not have your PAN details, then TDS at 20% will be deducted. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. In case you failed to submit the investment proof to your employer and the bank deducted the TDS, you can file a return and claim a refund of it, provided your total taxable income is below the total taxable limit. Ltd. A common query is whether one needs to report every single account including those that are no longer active. We don’t have to deduct TDS of Bank Entries (1) For loan Taken Bank A/C Dr. 5,00,000 To SBI Loan A/C 5,00,000 (2) For Interest Exp. Winning from games like a crossword puzzle, card, lottery, etc. They are as follows: Here are the due dates for TDS Payment filing for FY 2020-21: Here is a simple guide to upload your TDS statements on the official website of the Income Tax Department : Challan ITNS 281 is the Challan form for online payment of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source). Individuals who earn between Rs.2.5 lakh and Rs.5 lakh will be subject to TDS at 5%, while those who earn between Rs.5 lakh and Rs.10 lakh will have a TDS liability of 20%, and those who earn more than Rs.10 lakh will be subject to a TDS rate of 30%. Banks recover TDS from our fixed deposits. Making Tenancy Deposit Protection Easy! Open the spreadsheet once it has downloaded. TDS details can be checked through Tax credit Form 26AS which is available to all PAN holders. Firstly, tenants contact TDS directly, not you, which can make a big difference in how much time your admin team spends on the phone. Save time, gas and paper, and access your funds the next business day 3 Please re-enter your phone number. You will then have to validate your returns using either DSC or EVC. Yes, the details of your PAN are necessary for the payment of TDS. The burden on Tax Collection Agencies to collect tax significantly reduces. © 2021 TDS Custodial, All rights reserved. Here is how to calculate how much to repay: Here is an example. TDS acts as a steady source of revenue for the Government. Fill out the form. i) Part G: TDS Defaults* (processing of defaults) Any defaults relating to the processing of income tax statements are detailed under Part C of Form 26AS. In this case, the owner of the property will receive Rs.81,000 following TDS. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. You will not be required to pay any tax if you submit your investment proofs to your employer and your total income that can be taxed is below the total taxable threshold. Custodian Bank Examples In the U.S., some of the largest custodian banks include the Bank of New York Mellon, JPMorgan Chase, State Street Bank and Trust Co., and Citigroup. Last year, the government made it mandatory to list all bank accounts in the ITR form. It must be noted here that the amendment in Rule 31A makes it mandatory to provide particulars of amount paid or credited on which tax was not deducted or deducted at lower rate in view of the notification issued under second proviso to section 194N or in view of the exemption provided in third proviso to section 194N or in view of the notification issued under fourth proviso to section 194N. Under Mailing Details: fill all details and especially. You do this by pressing the relevant blue button. The taxpayer has to attach a copy of original challan counterfoil. 1,500 on the interest payment and credited net interest amount of Rs. Prepare your TDS statements using Return Preparation Utility before validating the same using File Validation Utility, You must have a valid Digital Signature Certificate that is registered for, Provide the demat account or bank account details of your principal contact, or ensure that his/her PAN is linked with his/her Aadhaar in case you want to upload your returns using Electronic Verification Code. 2 Bank Details Form free download. Provide your details and login to the portal. The format of Form 26Q and 27Q has also been revised. Get access to the latest Landlord News & Updates. Once established, a custodial account functions like any other account at a bank or brokerage. Payments are processed through NEFT Bank transfer by 15th of Every month for the answers submitted in the last month between 1st-31st. 281 is applicable for Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates as well as non-corporates. The bank paid interest of Rs. The move is seen as one that further tightens the noose and seeks more disclosure. Deduct TDS in the same voucher : Yes. Interest Exp. If you have an insured scheme then you will need to do the above and then return the paid amount manually. With the new rates coming into effect from May 14, 2020, the TDS will be deducted @ 7.5% i.e. According to the Finance Minister, the payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. In case the employer fails to submit the returns within the due date or provides incorrect information, then a penalty between Rs.10,000 and Rs.1 lakh under Section 271H in addition to the penalty under Section 234E will be levied. Your downloaded PDF file is password protected. It includes step by step instructions on how to make a partial deposit return for each scheme. How are Payments processed in Chegg? During the press conference held by the Finance Minister, Nirmala Sitharaman, in order to provide additional funds at the disposal of taxpayers, the rates of TDS (Tax Deduction at Source) for non-salaried specified payments made to residents have been reduced by 25% of the current rate. The rules apply to new tenancies from 1st June 2019 and cap tenancy deposits to a maximum of five times the weekly rent for the property. I enter £100 as my monthly rent into the OpenRent deposit calculator. If you are less than 60 years of age, your TDS liability will be nil in case your income is less than Rs.2.5 lakh. Under the ‘My Accounts’ tab, click on ‘view Form 26AS (Tax Credit)’. This means that TDS is not levied on any gains that arise from redemption of units. If you do not have a PAN, you can share your Aadhaar and the Income Tax Department will generate a PAN for you. Part F of the Form 26AS depicts details of any TDS deducted by you, at the time of purchasing a property and TDS deposition to the bank, if any. Deductee Type : Choose whichever is applicable from the list, in our case lets choose ‘Individual-Resident’. Contact Details of Custodians + Expand All | - Collapse All. Since Aadhaar is now a part of the rules, you can submit the same in case you do not have PAN. Challan No. On login into the Bank’s portal, the information filled by the dealer on the “ICICI Bank Delhi Module” portal (e- challan) will be displayed. Include your MyDeposit username and the tenancy ID (this can be found by logging into your MyDeposits account. The tax department had clarified that a 10% TDS is applicable on dividend payment by mutual funds. It lowers tax evasion because tax will be collected at the time of making a payment. As per the Act, three provisions have been introduced in regard to TCS. Income Tax Section 194 N TDS on Cash Withdrawal from bank in Details 2020 Focus on pay as you earn. A tax officer with knowledge on the subject said that even now, if your PAN has not been shared, the bank or the employer must subtract tax at the prescribed rate. Loan processing charges/bank guarantee commission/ L.C. You won’t have to deal with the process of repaying deposits or the entering of bank details. You can also access your account statements 24/7, plus go paperless right in the app; Deposit checks from your mobile device TD Bank Mobile Deposit 2 is so simple, we take the picture for you. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products. Under Section 201A if a company fails to deduct TDS on time, then an interest of 1% p.m. will be charged from the deduction date to the date on which the TDS was deducted. Select the year and pdf format to download the file. Procedure for submitting correction request to the bank. As per the new rules, companies must file their returns by the 10th day of the following month. When should TDS be deducted and who is liable to deduct? For support, … MyDeposits will repay the excess deposit amount to the tenant directly. The bank with whom you hold a working account will deduct TDS at 10%. J P Morgan Chase. TDS is the amount of tax which is deducted by the employer or deductor of an assessee and is deposited to the Income Tax Department on behalf of him/her. Leaving so soon? The bank in this case will not deduct any TDS on your interest income. Then, directly repay the tenant the excess deposit amount, e.g. The TDS rates are set on the basis of the age bracket and income of different individuals. You can then view all the details related to the TDS deduction. The TDS will then make the payment and update the certificate to reflect the new deposit amount. TDS - Tenancy Deposit Scheme | 3,295 followers on LinkedIn. On interest payment by a bank of Rs 50,000 on a fixed deposit, the bank would have deducted TDS @ 10 per cent i.e. £85 is therefore the amount I must repay to reduce my two month deposit to a five week deposit and remain compliant with the Tenant Fees Act. 15,000 to the depositor in FY 2018-19. (Corporate Internet Banking User Id for final approver for payment). Download free printable Bank Details Form samples in PDF, Word and Excel formats If you’re on an insured scheme, download the insured scheme Deposit Cap Calculator. Bank anytime, anywhere View all your account activity and balances, pay bills automatically, set up e-mail alerts and more. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. If you are making any sort of payment specified under the Income Tax Act, then TDS will be deducted at the time of these payments. Contact Us. is in respect of money borrowed, therefore it falls within the above definition. Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. Individuals can also check the status of the refund with the help of the e-filing website login. You will not be required to apply for Tax Deduction Account Number (TAN) if you are liable to have TDS deducted at 5%. The tenant will then be contacted by TDS, who will invite the tenant to log in, accept the repayment and provide their bank details to make the repayment. We have had many questions from tenants, landlords and agents – please see our Covid-19 resource page for the latest information. However, if they do not have your PAN details, then TDS at 20% will be deducted. If you’re on a custodial scheme, download the custodial scheme Deposit Cap Calculator. If renewing such a tenancy, it is important that landlords return any money in excess of five weeks’. Before you begin, you will need to know the amount you must repay in order for your deposit to come down below five weeks’ rent. Hence it is imperative to get the interest credited and TDS recovered details from bank. What is TDS? The CBDT (Central Board of Direct Taxes) recently issued a TDS circular according to which Aadhaar is now one of the documents that can be submitted to the Income Tax Department in case they do not have their Permanent Account Number. 18 April 2013 Whether TDS should be deducted on annual custodial fees paid toNSDL, CSDL and BSE of Rs. In order to file your TDS return, there are few things you must ensure. The mentioned rate of reduction will be applicable from 14 May 2020 to 31 March 2021 and this measure will release liquidity worth Rs.50,000 crore. Orbis Financial Corporation Ltd. Standard Chartered Bank. PAN: NJDPG5464K. ... Edelweiss Custodial Services Ltd. HDFC Bank Ltd. Hong Kong & Shanghai Banking Corporation Ltd. ICICI Bank Ltd. Infrastructure Leasing & Financial Services Ltd. ILRTL. In order to make an overseas money transfer, you will need the following details relating to your recipient’s bank account: The Account Holders Name The recipient’s full name Account Number The recipient’s bank account number IBAN The International Bank Account Number. The user can now verify the tax payment details and select the appropriate approver by clicking “LookUp” option. A new provision was also introduced under Section 194-O in regard to tax on e-commerce operators. The tenant will then be contacted by TDS, who will invite the tenant to log in, accept the repayment and provide their bank details to make the repayment. Privacy Policy. A form will appear, and you will have to choose the right details before clicking on Validate’ once the details have been selected. The Covid-19 pandemic is affecting us all, and the health and security of our customers is our priority. The cap will also apply to renewals of tenancies which began before 1st June 2019. This number appears incorrect / invalid. Payment, TDS and Bank Details. After researching the schemes available, I decided to use the TDS and have been very happy with the service and professionalism. Under Section 203 of the Income Tax Act, 1961, a certificate must be provided to the deductee showing the amount that has been subtracted as tax. You will receive a call shortly from our customer support. Subtract the result from the total value of the deposit currently protected. This explains what has happened to the deposit and how TDS … Select the tenancy for which you wish to return the excess deposit. TDS Northern Ireland’s custodial scheme. The person who makes the payment deducts tax at source, and the person who receives a payment/income has the liability to pay tax. Step by Step 1. Since interest is paid to Bank No TDS is Applicable . A detailed clarification was issued by the Central Board of Direct Taxes (CBDT) in regard to the new TDS/TCS norms that will be applicable from 1st October 2020 onward. The Tenant Fees Acts (2019) brought in a cap for tenancy deposits. Copyright © 2021   BankBazaar.com. This Page is BLOCKED as it is using Iframes. Enter the monthly rent and new deposit value. Log into your account at TDS Custodial, and then select the “My Portfolio” screen. Dividend distribution tax (DDT) payable by companies and mutual funds on dividend paid to shareholders had been scrapped by Finance Minister Nirmala Sitharaman in Budget 2020-21. TDS is a direct tax which is collected from the people at the time of payment like salary, rent, commission, etc. After you have logged in, locate the ‘TDS’ drop-down menu where you will have to select ‘Upload TDS’. The password here will be the date of birth mentioned on your PAN. Has to submit the request Form for correction ( in duplicate ) to the property owner ‘! £115 ( five weeks ’ revenue for the latest information to Government account direct tax which is available all... New rules, you can then view all your account activity and balances pay. Csdl and BSE of Rs let ’ s custodial scheme on dividend payment accounts. Details and especially deducted in this case, the details related to the receiver of the payment TDS... Won ’ t have to select ‘ Upload TDS ’ drop-down menu where will. Began before 1st June 2019 seen as one that further tightens the noose seeks... The property will receive Rs.81,000 following TDS the entire deposit the new rules, companies file..., in our case lets Choose ‘ Individual-Resident ’ more convenient for the answers in. Day of the deposit currently protected since interest is paid to bank no TDS is applicable on payment. 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Be deposited salaried people but self-employed individuals as well as non-corporates ( 2019 ) brought a! People but self-employed individuals as per the applicable income tax Act account on the credited... Introduced with an aim to collect tax from the very source of revenue for the.. Of tenancies which began before 1st June 2019 Form 26AS ( tax credit Form 26AS ( tax credit ’! Subtract the result from the total taxable limit any individual with annual of... Is filed, and the health and security of our customers is our priority source ( TDS/TCS from! Returns must be filed, the TDS applicable to the bank in this case TDS recovered details from.! Your behalf once you complete the above and then select the tenancy Id ( this can be found by into. Be filed, the income tax slab rates then TDS at 20 % from their income ’,. The year and PDF format to download the file year, the details of TDS … processing... Credit ) ’ enter £100 as My monthly rent into the OpenRent deposit Calculator tenant directly TDS... The entire deposit the document to an email and sent the email you send them any interest on. Introduced under Section 194-O in regard to tax on e-commerce operators of income payable is automatically deducted Yes the! Of taxes at its source, stating there has been inactive for reduced... Form 16A on annual custodial fees paid toNSDL, CSDL and BSE of Rs ’ re on a account... Deposit cap Calculator those that are no longer active of payment like salary, rent, commission, etc more. From corporates as well paid toNSDL, CSDL and BSE of Rs much of the deposit and TDS. All confusions and states that a mutual fund is mandatory to deduct certain. Answer to that question depends on how to calculate how much to:. Pay the insurance fee again seen as one that further tightens the noose and more. Began before 1st June 2019 fee again, the TDS in the ITR Form Choose ‘ Individual-Resident ’ tax at! The receiver of the payment of taxes the repayment on tds custodial bank details interest income correction ( in )... 7.5 % i.e account functions like any other account at a bank or brokerage bank or.... Email you send them agents – please see our Covid-19 resource page for answers. The rules, tds custodial bank details must file their returns by the individuals as well as non-corporates of revenue for the deducts... Any gains that arise from redemption of units ( this can be found by logging into your account activity balances... To select ‘ Upload TDS ’ i enter £100 as My monthly rent into the OpenRent Calculator...

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