Search results
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.
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,
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? Tax is required to be deducted at source at the time of credit of ‘income by way of rent’ to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft ...
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.
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.
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.
Jul 26, 2019 · Section 194-I requires any person making payment of ‘Rent’ to a resident person to deduct tax at source (TDS). Following table explains the basic coverage of section 194-I –. If the payer is liable to deduct TDS under section 194-I, then, TDS is to be deducted within earlier of the following dates –.
Oct 24, 2023 · TDS on rent as per section 194I of the Income Tax Act, 1961 is applicable on rental income which the tenant pays to the owner. The tenant while paying the rent needs to deduct TDS on rent at the applicable rate.
Mar 15, 2022 · In India, TDS on rent payment falls under Section 194-I of the Income Tax Act. Tax deducted at source or TDS is required to be deducted by the person paying the rent from the rent payable and paying it to the government. TDS Provisions For NRI Owner/Landlord.
