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Oct 24, 2018 · This section requires that every individual and HUF paying rent more than Rs. 50,000/- per month (or part of a month) for the use of any land or building or both, need to deduct TDS at the rate of 5%.
Jul 20, 2021 · Every individual paying monthly rent above Rs 50,000 to the landlord should deduct TDS on rent. This is specified under Section 194IB of the Income Tax Act. This section is also applicable to HUF, which pays rent above Rs 50,000 to a landlord.
Jul 4, 2024 · The exemption limit for TDS on rent under section 194-I is Rs 2.4 lakh per annum. The limit for TDS on rent under section 194-IB is Rs 50,000 per month.
Jul 6, 2021 · Any person, being an individual or a Hindu undivided family (not covered under section 194I), responsible for paying to a resident any income by way of rent exceeding ₹ 50,000 for a month or part of a month during the previous year, shall deduct income-tax thereon at the rates in force.
Jul 13, 2017 · An individual or HUF paying rent of more than Rs 50,000 per month is now required to deduct tax at source (TDS). The government recently introduced section 194IB in the Income-tax Act making it mandatory for a tenant to withhold taxes @ 5% on rental payments, over and above Rs. 50,000 per month and to deposit it within the prescribed time.
Jul 1, 2024 · Individuals and HUFs deduct TDS at 5% if rent is above Rs 50,000 starting from 01.06.2017. Form 16C is a TDS certificate for rent payment. You must pay TDS within 30 days and provide Form 16C to the payee.
Feb 8, 2024 · TDS on rent: Points to Keep in Mind by Tenants A monthly rental payment of above Rs 50,000 would attract TDS for an individual or HUF. Ensure to get a PAN of the property owner and verify it with the original document ; Read the rent agreement carefully and check all terms and conditions
Jan 22, 2020 · As per Section 194-IB, if an individual or HUF who is not liable for audit u/s 44AB, is paying rent to a resident exceeding Rs 50,000 for a month or part of a month during the previous year then he will have to deduct TDS at the rate of 5% at the time of making payment of rent to the landlord.
Aug 26, 2019 · The income tax law requires you to deduct tax (TDS) on monthly rent above Rs 50,000. The rate of TDS is 5% on the rent paid or due to your landlord.
Nov 5, 2018 · This section requires that every individual and HUF paying rent more than Rs. 50,000/- per month (or part of a month) for the use of any land or building or both, need to deduct TDS at the rate of 5%. 2. However, if the PAN of recipient is not available, the rate of TDS will be 20% (limited to the rent of last month of the tenancy). 3.
