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Dec 1, 2020 · Understanding Section 194IA, 194IB & 194LA of the Income Tax Act, 1961. Learn about the provisions and deductions related to property transfers.
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.
Jul 4, 2024 · Section 194IA - A step by step guide with screenshots on how to file TDS on sale of property and to obtain Form 16B (for the seller) or Form 26QB (for the buyer)
Jul 23, 2024 · 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.
Mar 31, 2023 · Sections 194-IA and 194-IB of the Income Tax Act deal with Tax Deducted at Source (TDS) in these contexts. This article will delve into the specifics of TDS on property transactions (Section 194-IA) and rental income (Section 194-IB) in the Indian tax landscape.
Learn about 194IA and 194IB TDS rates under the Income Tax Act. Get insights on pension withdrawal and compliance with 194i(a) and 194i(b) and Simplify your tax journey @ TATA AIA.
5 days ago · What is Section 194-IB? If an individual or a HUF is responsible for paying to a resident any amount by way of rent exceeding Rs. 50,000 for a month or part of a month during the previous year, it shall deduct an amount equal to 5% of such income as income tax thereon.
Oct 26, 2023 · 194IA and 194IB are sections of the Indian Income Tax Act. 194IA deals with TDS (Tax Deducted at Source) on property transactions exceeding Rs. 50 lakh, while 194IB pertains to TDS on rental payments exceeding Rs. 50,000 per month by individuals or HUFs not subject to tax audit.
Jan 16, 2024 · Finance Act, 2013 inserted a new section 194-IA to introduce TDS on consideration on transfer of immovable properties by a resident transferor. If the property is worth more than Rs 50 lakhs, a buyer is required to deduct and pay 1% of the transaction cost as TDS under Section 194-IA of the Income-Tax Act.
