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Jun 13, 2024 · The rent received on a property is subject to TDS since it is an additional income earned by people in business, salaried people, etc. This guide is for the the persons paying rent for land, building, plant & machinery, furniture & fittings, etc.
e-Payment of Taxes. Direct tax payments facility have been migrated from OLTAS 'e-payment: Pay Taxes Online' to e-Pay Tax facility of E-Filing portal. Users are advised to navigate to 'e-Pay Tax' portal of Income Tax Department on https://www.incometax.gov.in/ to make direct tax payments.
Jun 11, 2024 · TDS (Tax Deducted at Source) on rent refers to the deduction of a certain percentage of tax by the tenant before making a rental payment to the landlord. The tenant deducts TDS and deposits it with the government.
Jul 6, 2021 · Therefore tax deduction at source (TDS) under Sec. 194-I of the Income-tax Act would be required to be made on the amount of rent paid/payable without including GST. ILLUSTRATION – Ram Limited has taken a 3500 Sq. ft. flat on rent from Sham Limited to set up its Branch office.
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-
TDS on Rent is liable to be deducted by the person making the payment if the total amount to be paid during the year exceeds Rs. 2,40,000 p.a. This limit of Rs. 2,40,000 p.a. is per taxpayer per annum.
Feb 8, 2024 · TDS on Rent: How to make a TDS payment? 9. Form for TDS on Rent Payment. 10. Other Modes of TDS on Rent Payment. 10.1. Pay TDS on Rent with Your Bank Online. 10.2. Pay TDS on Rent with Your Bank Offline. 11. Time Limit to Pay TDS on Rent.
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.
Feb 29, 2024 · Based on the Rule 31A (4B) of Income-tax Rules, 1962 and Section 234E of the Income-tax Act, 1961, the taxpayer who failed to pay TDS on Rent within 30 days from the end of the month needs to pay the tax deduction fee at the rate of Rs.200 for every day from the date the tax was supposed to be paid.
Jun 2, 2018 · Individual and HUF who are not covered in this section are required to deduct TDS on rent for more than Rs. 50,000 per month w.e.f 1st June 2017 under section 194IB.
