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Jun 13, 2024 · Section 194-I outlines the rules for TDS on rent for individuals earning rental income. It covers aspects such as threshold limits, reasons for introduction, conditions for TDS deduction, meaning of 'rent', rates of TDS, and exemptions.
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.
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,
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.
Jul 6, 2021 · TDS is to be deducted even if rent paid exceeds Rs.50,000 for only one month in a year. Example-Rent paid from April 2021 to January 2022 is Rs. 45,000 per month. Rent paid for February and March 2022 is Rs. 55,000 per month.
Jan 16, 2024 · Rental income paid for the use of land, building, or both, whether residential or commercial. 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.
Jun 10, 2024 · Tax deduction at source (TDS) means collecting tax on income in the form of salary, rent, asset sales, dividends, etc., by requiring the payer to collect income tax due on such income while crediting/paying to the payee and deposit the same to the government on payee’s behalf.
Jan 22, 2020 · As per Section 194-IB, if an individual or HUF who is not liable for audit u/s 44AB, is paying rent to a resident exceeding Rs 50,000 for a month or part of a month during the previous year then he will have to deduct TDS at the rate of 5% at the time of making payment of rent to the landlord.
Jan 21, 2024 · Learn about TDS on rent under the Income-tax Act – rates, applicability, exemptions, and procedures. Understand how to comply with TDS obligations for landlords and tenants.
