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Jun 13, 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 · 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 · Section 194I of the Income Tax Act. Meaning. 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.
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.
Jul 6, 2021 · TDS threshold for deduction of tax on rent is increased from ₹1,80,000 to ₹ 2,40,000 for FY2019-20. 4) When to Deduct TDS under Section 194I?
What is TDS on Rent? According to Section 194I, an individual who pays rent is subject to tax deduction at the source. One must note that TDS can be deducted when the amount of tax to be paid or received in a given fiscal year is over Rs. 180000.
May 8, 2020 · Q.1 Who is liable to deduct TDS on Rent under Section 194I of Income tax Act, 1961? Q.2. What is the point of deduction of TDS u/s 194I? Q.3. What is the meaning of Rent? Q.4. At what rate tax to be deducted u/s 194I? Q.5. Under what circumstances there is no need to deduct TDS u/s 194I? Q.6.
Feb 29, 2024 · Home. Finance & Legal. Taxation. TDS on Rent | Rules, Payment Modes, & Steps to Pay TDS on Rent. Updated: Feb 29, 2024, 15:00 IST By: Ruchi Gohri. Print. Share. Go through the post to learn what TDS on Rent is and how you can pay the same using multiple useful options.
May 6, 2024 · Section 194I of the Income Tax Act says the tenant must deduct 10% TDS on rent generated from any land or building if the aggregate of the rent paid or likely to be paid during a financial year exceeds Rs 2.40 lakh. The limit of Rs 2.40 lakh is applicable for each payee and not for each of the properties.
Feb 8, 2024 · Income Tax Act: Section 194 and its Sub-Section. 7. TDS on Rent: Calculation Method. 8. TDS on Rent: How to make a TDS payment? 9. Form for TDS on Rent Payment. 10. Other Modes of TDS on Rent Payment. 10.1. Pay TDS on Rent with Your Bank Online. 10.2. Pay TDS on Rent with Your Bank Offline. 11. Time Limit to Pay TDS on Rent.
