Search results
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.
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.
5 days ago · Explore Section 194IB of the Income Tax Act: Understand TDS implications on property rent and ensure compliance with tax regulations. What is Section 194-IB? When to deduct TDS u/s 194-IB?
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.
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.
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.
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 –.
