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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 –.
Jul 4, 2024 · 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.
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%.
Jan 16, 2024 · TDS on Rent: Section 194I implies that an individual who pays rent is subject to tax deduction at the source. Know about tds on rent limit, objective, rates, and exemptions.
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.
Apr 5, 2018 · This section requires certain individuals or HUF to deduct TDS on rent paid for the use of any land or building or both. Persons required to deduct TDS under Section 194IB.
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.
Jul 1, 2024 · For FY 2020-21, rent payments under section 194IB by individual or HUF have a lower rate of TDS at 3.75% for payments from 14 May 2020 until 31 March 2021. TDS u/s 194IB is to be deducted only if payment is made to the resident. In case rent is paid to non-resident owners, TDS u/s 194IB shall not be deducted. When To Deduct TDS?
Jul 6, 2021 · Rent paid by the tenant may be for residential or commercial purpose. 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.
May 6, 2024 · Section 1941 was inserted in the income tax law through the Finance Act, 1994, to cover rental income under the ambit of TDS payments. TDS on rent paid by a businessman is governed by Section 194I while TDS on rent paid by an individual or HUFs falls under Section 194IB of the law.
