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Jul 4, 2024 · TDS on Rent Paid to NRI. If you pay rent to NRI, then TDS @30% +surcharge + 4% cess must be deducted. TDS must be deducted irrespective of the amount of rent paid to NRI as there is no limit on the rent payment. However, the NRI may obtain no or lower deduction certificate in case his income in India is less than the basic exemption limit.
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.
Mar 29, 2024 · It’s important that businesses know the applicable rate, TDS section and exempt limit for each nature of payment. This comprehensive TDS rate chart for FY 2024-25 provides detailed information on thresholds, rates, and applicable sections for different types of payments. ... Rent paid for land, building, or furniture ₹ 2,40,000: 10%: 10%: Rent paid for plant and machinery: 2%: 2%: 194IA: Payment for the transfer of immovable property excluding agricultural land ₹ 50,00,000: 1%: 1%:
Jun 10, 2024 · b) Land or building or furniture or fitting W.e.f 1st April 2019, TDS limit for deduction of tax on rent is increased to Rs. 2,40,000 p.a from Rs.1,80,000 p.a. (a) 2 (b) 10
Jun 11, 2024 · If building and furniture are rented by different persons, TDS is applicable only on the building rent. TDS should be made based on the frequency of actual payment or credit, whether monthly, quarterly, or yearly. Associations must deduct TDS if hall rent exceeds the specified limit. For hotel payments, Sec. 194C applies to catering charges.
Oct 24, 2018 · 1. 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, rate of TDS will be 20% (limited to the rent of last month of the tenancy). 3.
Jan 16, 2024 · Threshold Limit: TDS to be deducted if the monthly rental payment exceeds Rs. 50,000. TDS to be deducted if the annual rental payment exceeds Rs. 2,40,000. Rate of TDS: 5% of the total rental amount. 10% of the total rental amount for land, building, or both used for commercial purposes. 2% for residential properties. Time of TDS Deduction
Jul 29, 2019 · Ans: Exemption limit for TDS on rent under section 194-IB of the Income Tax Act, 1961 is INR 50,000 per month. Q.3 What is period of tenancy in Form 26QC? Ans: Form 26QC needs to be filed within a period of 30 days from the end of the month in which TDS is deducted.
Know about tds on rent limit, objective, rates, and exemptions, TDS on Rent: Section 194I implies that an individual who pays rent is subject to tax deduction at the source. Know about tds on rent limit, objective, rates, and exemptions, Section 194I - TDS on Rent. As per Section 194I, the word rent can be described as a payment categorised as a lease, sub-lease, tenancy, or any agreement to use – land, building, machinery, plant, equipment, furniture, fittings, or land adjunct to a ...
Mar 22, 2018 · This article explains TDS on rent 194I, who is liable to deduct tds on rent, TDS rates, time limit for payment of TDS, due dates for filing TDS returns.
