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Jul 4, 2024 · TDS threshold for deduction of tax on rent is Rs 2,40,000 for the FY 2024-25 (the threshold limit was Rs. 1,80,000 until FY 2018-19). Also, individuals and/or HUFs who are subject to tax audit are under an obligation to deduct the tax at source.
Jan 16, 2024 · Section 194I of the income tax covers TDS on rent. It imposes an obligation for TDS deduction on persons (other than individual/HUF who are not subject to audit) making rental payments to resident Indians above a specified limit, i.e., Rs.2,40,000 in a year.
Jun 10, 2024 · The following tables list the various TDS rates applicable to resident and non-resident payments as well as TDS rates on domestic and foreign companies in India. Any person paying income is responsible to deduct tax at source and deposit TDS within the stipulated due date.
Jun 1, 2015 · Financial Year 2024-2025 Non-Salary. Threshold ( Rs.) 194LBB - Income in respect of units of investment fund. Sec 194LBC - Income in respect of investment in securitisation trust. 194N - Payment of certain amounts in cash. Withdrawal in Excess of Rs. 1 Cr. Withdrawal in Excess of Rs. 3 Cr. For Co-operative Society.
Rate of TDS Under Section 194I. TDS is deducted when the payee credits ‘income by way of rent’ to the landlord’s account. One must note that if rent is paid through cash, cheque, or draft, then TDS is deducted at the time of payment. Here is the TDS rate on rent-TDS on rent paid on plant, machinery, or equipment is to be charged at 2%.
Feb 8, 2024 · What is Tax Deduction at Source? 2. What is the definition of rent according to the Income Tax (IT) Act? 3. TDS on rent: Expectations from Interim Budget 2024 (Latest Update) 4. TDS on Rent: Till 2023. 5. What is the meaning of the Hindu Undivided Family? 6. Income Tax Act: Section 194 and its Sub-Section. 7. TDS on Rent: Calculation Method. 8.
May 6, 2024 · According to Section 195 of the Income Tax Act, the tenant should deduct TDS at the rate of 30% on rent paid to an NRI landlord for property located in India. For deducting TDS on the rent, the tenant should have a TAN.
