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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 · 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.
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.
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?
Here is the TDS rate on rent-TDS on rent paid on plant, machinery, or equipment is to be charged at 2%. TDS on the rent paid on land, building, or both of it is to be charged at 10%. TDS on the rent paid on furniture or fitting is charged at 10%. Payments Covered Under Section 194I
Jul 26, 2019 · Threshold Exemption Limit for TDS on Rent under Section 194I. Section 194-I of the Income Tax Act, 1961 provides that no TDS would be deducted if the income credited / paid during the Financial Year does not exceed INR 2,40,000.
Oct 24, 2023 · Updated on 24 Oct, 2023. Reviewed by. Rinju Abraham. Fact checked by. Rinju Abraham. TDS on rent as per section 194I of the Income Tax Act, 1961 is applicable on rental income which the tenant pays to the owner. The tenant while paying the rent needs to deduct TDS on rent at the applicable rate.
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.
Mar 22, 2018 · Person shall be liable to deduct TDS on rent at the rate of:- two per cent for the use of any machinery or plant or equipment; and. ten per cent for the use of land or building (including building) or land appurtenant to a building (including factory building) or furniture or fittings. 4. Exemption Limit:
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.
