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Jul 29, 2019 · Ans: Section 194IB of the Income Tax Act, 1961 requires the individual / HUF, who are not required to gets their account audited, to deduct TDS in case the rent amount exceeds INR 50,000 per month or part thereof.
6 days ago · TDS for Rent - Section 194I of the Income Tax Act which refers to TDS deduction for rental income. Check out to understand its application and compliance to manage rental income.
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 6, 2021 · The person (not being an Individual or HUF) who is responsible for paying any income to a resident by way of rent is liable to deduct tax at source.
Oct 24, 2018 · This section requires that every individual and HUF paying rent more than Rs. 50,000/- per month (or part of a month) for the use of any land or building or both, need to deduct TDS at the rate of 5%.
According to Section 194I, an individual who pays rent is subject to tax deduction at the source. One must note that TDS can be deducted when the amount of tax to be paid or received in a given fiscal year is over Rs. 180000.
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. Tax is deducted when rent income is credited or paid to the payee, whichever is earlier. Rate of TDS.
May 7, 2024 · Tax Deduction at Source (TDS) on rent is regulated by two specific sections of the Income Tax Act: Section 194I and Section 194IB. These provisions define who has to deduct TDS on rent, the conditions under which the deduction needs to be made, and when the deduction should be taken.
Oct 24, 2023 · Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident taxpayer any rental income shall deduct TDS. However, if the individual or HUF has: a total sales, gross receipts, or turnover from the business in excess of Rs 1 crore.
Jul 20, 2021 · Every individual paying monthly rent above Rs 50,000 to the landlord should deduct TDS on rent. This is specified under Section 194IB of the Income Tax Act. This section is also applicable to HUF, which pays rent above Rs 50,000 to a landlord.
