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Under section194IB, individuals or HUFs are liable to deduct TDS on rent, in case the rent exceeds Rs.50,000. In this article, we look at Section 194IB & 194IC of Income Tax act in detail.
Jul 6, 2021 · Section 194-IB provides that tax at a rate of 5% (3.75% w.e.f. 14.05.2020 to 31.03.2021) should be deducted by the Tenant, Payer or Lessee at the time of making payment of rent to, Lesser, Landlord or Payee. The tax so deducted has to be deposited to the Government Account through online by any of the authorized bank branches.
Jan 16, 2024 · Explore Section 194IB of the Income Tax Act: Understand TDS implications on property rent and ensure compliance with tax regulations. What is Section 194-IB? When to deduct TDS u/s 194-IB?
Jan 9, 2020 · Finance Act 2017 introduced Section 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 Per Month and claiming HRA are required to deduct and pay TDS of Landlord.
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.
Jul 29, 2019 · Q. 1 What is TDS under section 194IB? Ans: Section 194IB of the Income Tax Act, 1961 requires the individual / HUF, who are not required to gets their account audited, to deduct TDS in case the rent amount exceeds INR 50,000 per month or part thereof. Q.2 What is exemption limit for TDS on rent?
Jun 11, 2024 · Section 194IB of the Income Tax Act Meaning. According to Section 194IB, any individuals or HUFs not subject to tax audit (Section 44AB) are require to deduct TDS if they pay monthly rent exceeding Rs 50,000 to a resident.
Feb 22, 2021 · Section 194-IB deals with the provisions relating to Tax deducted at source (TDS) on Rent paid by individual / HUF. 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 -
Explanation. —For the purposes of this section, "rent" means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land or building or both.] section 194ib payment of rent by certain individuals or hindu undivided family income tax act 1961 2019a.
Apr 5, 2018 · A new section 194IB has been introduced from 01st June 2017. This section requires certain individuals or HUF to deduct TDS on rent paid for the use of any land or building or both. Persons required to deduct TDS under Section 194IB.
