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  1. 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.

  2. Jul 6, 2021 · TDS requirement where rent not payable on monthly basis: – Sec. 194I does not mandate that the tax deduction should be made on a month-to-month basis. Therefore, if the crediting of the rent is done on a quarterly basis, the deduction at source will have to be made on a quarterly basis only.

  3. 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.

  4. 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. Individuals and HUFs under tax audit must also comply.

  5. 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%.

  6. 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.

  7. May 27, 2020 · TDS on Rent under section 194-I of Income Tax Act, 1961. Page Contents. What is the meaning of ‘rent’ according to Section 194-I? Why TDS u/s 194-I is introduced? Which cases are liable to TDS on Rent? Cases where there is no deduction of TDS on Rent. Rates of tax deduction on rent. Time limit within which tax is to be deposited:

  8. Mar 28, 2024 · TDS under section 194I shall be deducted at the following rates: i) 2% in respect of rent paid for plant, machinery or equipment.

  9. Feb 3, 2023 · As per provisions of section 194I, any person (other than an individual or a HUF) is liable to deduct TDS on rent paid to a resident, if the amount of rent paid/credited during the financial year exceeds INR 2,40,000.

  10. Oct 7, 2018 · For rent on plant, machinery or equipment, TDS is 2% if rent exceeds Rs.2,40,000 in a year. For rent on land, building or furniture/ fitting , TDS is 10% if rent exceeds Rs.2,40,000 in a year.