Search results
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.
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.
Jul 23, 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 23, 2024 · Example 1: If a tenant has a rent agreement with a landlord of 11 months from September 2023 to July 2024, then the tenant can either deduct TDS on a monthly basis and deposit the same every month or deduct once from the March’s rental payment. The TDS will be deducted for the rent paid i.e. from September to March 2023.
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 18, 2023 · The TDS on house rent must be deducted either at the end of a particular financial year, before making monthly rent payment, the date on which the property is vacated or the rent agreement is terminated with the landlord, whichever is earlier.
Jul 6, 2021 · Any person, being an individual or a Hindu undivided family (not covered under section 194I), responsible for paying to a resident any income by way of rent exceeding ₹ 50,000 for a month or part of a month during the previous year, shall deduct income-tax thereon at the rates in force.
2 days ago · TDS on rent gets deducted from the person paying rent from the total payable rent amount. The deducted TDS on rent amount must be transferred to the Central Government account. TDS on rent is deductible only if the aggregate payable rent amount exceeds Rs.2,40,000 for the current financial year.
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.
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.
