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Jun 13, 2024 · Section 194-I outlines the rules for TDS on rent for individuals earning rental income. It covers aspects such as threshold limits, reasons for introduction, conditions for TDS deduction, meaning of 'rent', rates of TDS, and exemptions.
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.
Jan 27, 2024 · This comprehensive guide explores the tax deduction at source (TDS) on rental income under the Income Tax Act, covering sections 194I, 194IB, and 194IC. Additionally, it delves into the Goods and Services Tax (GST) on rent, including applicable rates, exemptions, and the Input Tax Credit (ITC) entitlement for tenants.
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.
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.
May 6, 2024 · TDS on rent paid to NRIs. According to Section 195 of the Income Tax Act, the tenant should deduct TDS at the rate of 30% on rent paid to an NRI landlord for property located in India. For deducting TDS on the rent, the tenant should have a TAN.
May 8, 2020 · The present article covers the important Frequently Asked Questioned regarding section 194-I of the Income Tax Act, 1961, which deals with the provisions of TDS on Rent. Page Contents. Q.1 Who is liable to deduct TDS on Rent under Section 194I of Income tax Act, 1961? Q.2. What is the point of deduction of TDS u/s 194I? Q.3.
Jan 21, 2024 · Learn about TDS on rent under the Income-tax Act – rates, applicability, exemptions, and procedures. Understand how to comply with TDS obligations for landlords and tenants.
Jun 11, 2024 · TDS is required to be deducted at 10%. Shine Pvt ltd must deduct TDS of Rs 8000 and pay the balance of Rs 72,000 to the owner of the property. Thus, the recipient of income i.e. the owner of the property in the above case receives the net amount of Rs 72,000 after deduction of tax at the source.
Mar 22, 2018 · This article explains TDS on rent 194I, who is liable to deduct tds on rent, TDS rates, time limit for payment of TDS, due dates for filing TDS returns.
