Search results
6 days ago · The exemption limit for TDS on rent under section 194-I is Rs 2.4 lakh per annum. The limit for TDS on rent under section 194-IB is Rs 50,000 per month.
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.
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.
Based on Section 194I of the Income Tax Act, a person is eligible for a TDS deduction if they will be paying their landlord a total of Rs 1.80 lakhs in rent in a financial year and have already debited that amount or are likely to do so. Note that neither a person nor a HUF may be the subject of this sentence. Rate of TDS Under Section 194I.
Jul 26, 2019 · Threshold Exemption Limit for TDS on Rent under Section 194I. Section 194-I of the Income Tax Act, 1961 provides that no TDS would be deducted if the income credited / paid during the Financial Year does not exceed INR 2,40,000.
Jan 16, 2024 · TDS on rent will be deducted only when rent paid exceeds Rs 50,000 per month. The deductor is not required to have a TAN for deducting TDS under this section. When to deduct TDS? TDS needs to be deducted, earlier of: Rate of Tax. How Section 194-IB is different from Section 194-I? Form 26QC. A Form 26QC is a challan cum statement.
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?
