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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.
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.
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.
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.
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%.
Dec 1, 2020 · 1. The Provision for deduction of TDS is applicable for transfer of any immovable property other than agricultural land. 2. TDS should be deducted at 1% of the sum by way of consideration for transfer of immovable property. 3. The TDS should be deducted by the buyer while making the payment. 4.
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:
