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6 days ago · 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.
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.
4 days ago · What is Section 194-IB? If an individual or a HUF is responsible for paying to a resident any amount by way of rent exceeding Rs. 50,000 for a month or part of a month during the previous year, it shall deduct an amount equal to 5% of such income as income tax thereon.
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.
Jan 9, 2020 · Finance Act 2017 introduced Section 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 Per Month and claiming HRA are required to deduct and pay TDS of Landlord.
5 days ago · Section 194-IB of the Income-tax Act mandates that individuals or Hindu undivided families (HUFs) must deduct 5% TDS on rent payments exceeding ₹50,000 per month to residents. The Finance Bill 2024 proposes to reduce this TDS rate to 2%, effective from October 1, 2024. This amendment aims to ease tax compliance for landlords while ensuring ...
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.
