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Under section194IB, individuals or HUFs are liable to deduct TDS on rent, in case the rent exceeds Rs.50,000. In this article, we look at Section 194IB & 194IC of Income Tax act in detail.
Jul 6, 2021 · Learn about the tax deduction at source (TDS) rules for renting a property in India under section 194IB of the Income Tax Act. Find out who, when and how much TDS to deduct, and what are the rates, exemptions and examples.
- Who Deduct TDS U/S 194I?
- What Are The Rate and Time of Tax Deduction U/S 194I?
- What Is The Limit of Tax Deduction Under 194I?
- What Is The Meaning of ‘Rent’ in Reference to Section 194I?
- What Are Some Special Considerations Under Section 194I?
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Any person (who is not an Individual/HUF) who pays another resident an income by rent must deduct TDS u/s 194I. But individuals or a Hindu undivided family who are covered under Section 44AB (a) and (b) during the financial year immediately preceding the financial year in which such income by way of rent is credited or paid, shall be liable to dedu...
The tax rate under this section is as follows: 1. 2% for the use of any machine, plant, or equipment. 2. 10% for the use of any land or building (including factory building), furniture or fittings.
The time of deducting tax is earlier than the credit of income to the account of the payee (receiver) or actual payment (in cash, cheque, draft, or other modes). 1. No TDS Requirement 2. Where the amount paid as rent (at once or total in a financial year) to a payee (i.e., receiver) does not exceed 180000 240000. (the threshold limit was Rs. 1,80,0...
As per the explanation of Section 194I, rent means any payment made under lease or sub-lease or tenancy or any agreement for the use of the following: 1. Land 2. Building (including factory building) 3. Machinery 4. Plant 5. Equipment 6. Furniture 7. Fittings
Amount paid as warehousing charge is liable to TDS u/s 194IThe amount given as a security deposit to the owner of an asset is not liable to TDS u/s 194I if such amount is refundable in nature. But when that amount of ‘deposit’ is adjusted against rent, it...Payment made for renting a business center is liable to TDS under this section.When accommodation in the hotel is taken regularly (i.e., under an agreement), then such payment attracts TDS under this section.Learn about the TDS provisions for rent payments under Sections 194I, 194IB and 194IC of the Income Tax Act. Find out the rates, limits, exemptions, and modes of TDS deduction and payment for different types of rent agreements.
Jan 9, 2020 · Learn about the tax deduction at source (TDS) on rent payment by individuals or Hindu undivided families under section 194IB of the Income Tax Act. Compare with section 194I for rent by businesses and see the rates, limits, forms and penalties.
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Jan 16, 2024 · Learn about the provisions, rates, and compliance of TDS on rent of property under Section 194IB of the Income Tax Act. Find out how it differs from Section 194I and when to file Form 26QC and Form 16C.
Jul 29, 2019 · Learn about the provisions of section 194IB of the Income Tax Act, 1961, which deals with TDS deduction on rent paid by individual or HUF to a resident landlord. Find out the conditions, rate, time, deposit and certificate of TDS under this section.
Apr 5, 2018 · A new section 194IB has been introduced from 01st June 2017. This section requires certain individuals or HUF to deduct TDS on rent paid for the use of any land or building or both. Persons required to deduct TDS under Section 194IB.
