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Jul 4, 2024 · TDS for Rent - Section 194I of the Income Tax Act which refers to TDS deduction for rental income. Check out to understand its application and compliance to manage rental income.
Jan 16, 2024 · Tax Deducted at Source (TDS) is applicable on rent payments exceeding a certain threshold. As per Section 194-I of the Income Tax Act, 1961, TDS on rent is applicable when the annual rent paid or payable exceeds Rs. 2,40,000.
Jul 6, 2021 · Therefore tax deduction at source (TDS) under Sec. 194-I of the Income-tax Act would be required to be made on the amount of rent paid/payable without including GST.
Jun 11, 2024 · TDS on Rent under Section 194I mandates non-individual and non-HUF payers to deduct tax at source when paying rent, with a threshold of Rs 2,40,000 for FY 2024-25.
TDS on rent paid on plant, machinery, or equipment is to be charged at 2%. TDS on the rent paid on land, building, or both of it is to be charged at 10%. TDS on the rent paid on furniture or fitting is charged at 10%. Payments Covered Under Section 194I.
Jul 26, 2019 · Category of a person liable to deduct TDS on Rent under section 194-I of the Income Tax Act, 1961 –. Section 194-I requires any person making payment of ‘Rent’ to a resident person to deduct tax at source (TDS). Following table explains the basic coverage of section 194-I –.
Aug 16, 2020 · As per Finance Act, 2017, “TDS on Rent” under section 194-IB is liable to be deducted by Individuals or HUFs ( Hindu Undivided Family) (other than those who Covered in Sec 194 I) responsible for paying to a resident monthly rent exceeding ₹ 50,000.
Rent amount above Rs.1,80,000 is liable for tax deduction at source under the Section 194I of the Income Tax Act. All about TDS on rent under section 194I. Know TDS Rates for Land, factory, furniture, building, hotel etc., Lower TDS Deduction, Form 15G & FAQs.
Oct 24, 2023 · TDS on rent as per section 194I of the Income Tax Act, 1961 is applicable on rental income which the tenant pays to the owner. The tenant while paying the rent needs to deduct TDS on rent at the applicable rate. Moreover, it is applicable to renting of plant, machinery, equipment, land, building, furniture, and fittings.
Jun 2, 2018 · This section is applicable when rent is received for land, building, plant and machinery, equipments, furniture and fittings whether given separately or together. Assessee can submit Form 15G/15H, if eligible so NO TDS will be deducted from the amount of rent paid to him. This provision is applicable for TDS on rent from financial year 2016-17.
