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Jun 13, 2024 · Section 194-I outlines the rules for TDS on rent for individuals earning rental income. It covers aspects such as threshold limits, reasons for introduction, conditions for TDS deduction, meaning of 'rent', rates of TDS, and exemptions.
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.
What is TDS on Rent? According to Section 194I, an individual who pays rent is subject to tax deduction at the source. One must note that TDS can be deducted when the amount of tax to be paid or received in a given fiscal year is over Rs. 180000.
Feb 8, 2024 · TDS on rent is deducted by tenants provided the landlord income fulfill certain criterias. Read on to know if your rental income is liable for TDS.
Jun 10, 2024 · Tax deduction at source (TDS) means collecting tax on income in the form of salary, rent, asset sales, dividends, etc., by requiring the payer to collect income tax due on such income while crediting/paying to the payee and deposit the same to the government on payee’s behalf.
Mar 21, 2023 · TDS on rent, as outlined in Section 194I of the Income Tax Act, is the Tax Deducted at Source that must be withheld by individuals or entities who pay rent exceeding a certain threshold in a financial year.
Jul 6, 2021 · TDS is to be deducted even if rent paid exceeds Rs.50,000 for only one month in a year. Example-Rent paid from April 2021 to January 2022 is Rs. 45,000 per month. Rent paid for February and March 2022 is Rs. 55,000 per month.
May 8, 2020 · The present article covers the important Frequently Asked Questioned regarding section 194-I of the Income Tax Act, 1961, which deals with the provisions of TDS on Rent. Page Contents. Q.1 Who is liable to deduct TDS on Rent under Section 194I of Income tax Act, 1961? Q.2. What is the point of deduction of TDS u/s 194I? Q.3.
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.
Jan 21, 2024 · Learn about TDS on rent under the Income-tax Act – rates, applicability, exemptions, and procedures. Understand how to comply with TDS obligations for landlords and tenants.
