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2 days ago · The exemption limit for TDS on rent under section 194-I is Rs 2.4 lakh per annum. The limit for TDS on rent under section 194-IB is Rs 50,000 per month.
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.
Mar 29, 2024 · 1. As per Section 192A TDS rate on PF withdrawal for employees without PAN reduced to 20% from the maximum marginal rate. 2. Some sections apply only if gross receipts from profession exceeds ₹ 50 lac and from business exceeds ₹ 1 crore. 3. As per Section 194N Increased TDS threshold for cash withdrawal by co-operative societies.
Feb 8, 2024 · TDS on rent is deducted by tenants provided the landlord income fulfill certain criterias. Read on to know if your rental income is liable for TDS.
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.
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.
Jan 16, 2024 · TDS on rent will be deducted only when rent paid exceeds Rs 50,000 per month. The deductor is not required to have a TAN for deducting TDS under this section. When to deduct TDS? TDS needs to be deducted, earlier of: Rate of Tax. How Section 194-IB is different from Section 194-I? Form 26QC. A Form 26QC is a challan cum statement.
Jul 29, 2019 · 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 –.
