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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.
Jul 6, 2021 · TDS requirement where rent not payable on monthly basis: – Sec. 194I does not mandate that the tax deduction should be made on a month-to-month basis. Therefore, if the crediting of the rent is done on a quarterly basis, the deduction at source will have to be made on a quarterly basis only.
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.
Jun 11, 2024 · TDS on Rent under Section 194I mandates non-individual and non-HUF payers to deduct tax at source when paying rent, with a threshold of Rs 2,40,000 for FY 2024-25. Individuals and HUFs under tax audit must also comply.
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%.
Aug 16, 2020 · As per Finance Act, 2017, “TDS on Rent” under section 194-IB is liable to be deducted by Individuals or HUFs ( Hindu Undivided Family) (other than those who Covered in Sec 194 I) responsible for paying to a resident monthly rent exceeding ₹ 50,000.
Mar 28, 2024 · TDS under section 194I shall be deducted at the following rates: i) 2% in respect of rent paid for plant, machinery or equipment.
All about TDS on rent under section 194I. Know TDS Rates for Land, factory, furniture, building, hotel etc., Lower TDS Deduction, Form 15G & FAQs.
Section 194I of the Income Tax Act concerns Tax Deducted at Source (TDS) on rent. The provisions of this particular section define how TDS on rent should be treated. The rent paid on a property is subject to TDS since it is an additional income earned by counter party such as businessmen, salaried people, etc.
Jun 2, 2018 · This section is applicable when rent is received for land, building, plant and machinery, equipments, furniture and fittings whether given separately or together. Assessee can submit Form 15G/15H, if eligible so NO TDS will be deducted from the amount of rent paid to him. This provision is applicable for TDS on rent from financial year 2016-17.
