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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.
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.
Jan 16, 2024 · What is Section 194-IB? If an individual or a HUF is responsible for paying to a resident any amount by way of rent exceeding Rs. 50,000 for a month or part of a month during the previous year, it shall deduct an amount equal to 5% of such income as income tax thereon.
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.
Nov 26, 2020 · Section 194-IB of the Income Tax Act, 1961 states that for all the transactions with effect from June 1, 2017, tax @ 5% should be deducted (depending upon the Date of Payment/Credit to the Landlord) by the Tenant/ Lessee/ Payer of the property at the time of making payment of rent (to Landlord / Lessor/ Payee).
Section 194IB of Income Tax Act - Section 194IB applies to tax deducted at source on payment of the rent. Read to know more about the interest rates, TDS deductions and payments.
Oct 24, 2023 · Section 194IB covered residential property given to an individual or a HUF on rent. On the 1st June of 2017 section, 194IB was inserted with the objective to curb tax evasion by individual and HUF taxpayers on rental income.
