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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.
But now such an individual or HUF are also required to deduct TDS at 5%, if the payment of rent is Rs 50,000 or above. For FY 2020-21, rent payments under section 194IB by individual or HUF have a lower rate of TDS at 3.75% for payments from 14 May 2020 until 31 March 2021.
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.
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.
Jul 15, 2017 · From June 1, 2017, An individual or HUF paying rent of more than Rs 50,000 per month is now required to deduct tax at source (TDS) @ 5% on rental payments and to deposit it within the prescribed time. This article talks in detail about TDS on rent above Rs 50000, How often one has to pay TDS on rent above Rs 50,000, shows Form 26QC and Form 16C .
Nov 23, 2017 · 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%.
