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2 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.
Feb 8, 2024 · TDS on rent is deducted by tenants provided the landlord income fulfill certain criterias. Read on to know if your rental income is liable for TDS.
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.
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.
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.
