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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 · Section 194-IB provides that tax at a rate of 5% (3.75% w.e.f. 14.05.2020 to 31.03.2021) should be deducted by the Tenant, Payer or Lessee at the time of making payment of rent to, Lesser, Landlord or Payee. The tax so deducted has to be deposited to the Government Account through online by any of the authorized bank branches.
Jan 16, 2024 · Section 194I of the income tax covers TDS on rent. It imposes an obligation for TDS deduction on persons (other than individual/HUF who are not subject to audit) making rental payments to resident Indians above a specified limit, i.e., Rs.2,40,000 in a year.
Jan 9, 2020 · Finance Act 2017 introduced Section 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 Per Month and claiming HRA are required to deduct and pay TDS of Landlord.
Jan 16, 2024 · Explore Section 194IB of the Income Tax Act: Understand TDS implications on property rent and ensure compliance with tax regulations.
Jul 29, 2019 · Section 194-IB deals with the provisions relating to TDS deduction on Rent paid by individual / HUF, and the same is explained in brief in the current article. Basic provisions of section 194-IB. As per Section 194-IB of the Income Tax Act, 1961, the tenant is required to deduct TDS, if the following conditions are satisfied –.
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.
Section 194IB of Income Tax Act - Section 194IB applies to tax deducted at source on payment of the rent. Read to know more about the interest rates, TDS deductions and payments.
Explanation. —For the purposes of this section, "rent" means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land or building or both.] section 194ib payment of rent by certain individuals or hindu undivided family income tax act 1961 2019a.
Oct 24, 2023 · 194IB deals with tax deducted at source on payment of rent by the tenant. Section 194IB covered residential property given to an individual or a HUF on rent. On the 1st June of 2017 section, 194IB was inserted with the objective to curb tax evasion by individual and HUF taxpayers on rental income.
