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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 · Tax Deducted at Source (TDS) is applicable on rent payments exceeding a certain threshold. As per Section 194-I of the Income Tax Act, 1961, TDS on rent is applicable when the annual rent paid or payable exceeds Rs. 2,40,000.
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.
Jun 11, 2024 · Section 194I of the Income Tax Act. Meaning. 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.
What is TDS on Rent? 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.
Oct 24, 2018 · 1. 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%. 2. However if the PAN of recipient is not available, rate of TDS will be 20% (limited to the rent of last month of the tenancy). 3.
Jul 6, 2021 · TDS is to be deducted even if rent paid exceeds Rs.50,000 for only one month in a year. Example-Rent paid from April 2021 to January 2022 is Rs. 45,000 per month. Rent paid for February and March 2022 is Rs. 55,000 per month. TDS @ 5% is to be deducted on the whole amount i.e Rs. 5,60,000. ILLUSTRATION-
May 6, 2024 · Section 194I of the Income Tax Act says the tenant must deduct 10% TDS on rent generated from any land or building if the aggregate of the rent paid or likely to be paid during a financial year exceeds Rs 2.40 lakh.
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.
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?
