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Oct 24, 2023 · 194IB deals with tax deducted at source on payment of rent by the tenant. 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. Any person who is responsible for paying an ...
Jul 6, 2021 · Section 194IB TDS on Rent of Property: 194-IC: Section 194IC TDS on Payment Made Under Specified Agreement: 194J: Section 194J TDS on Professional or Technical Fees: 194K: Section 194K TDS on Income In Respect of Units of Mutual Fund: 194-LA: Section 194LA TDS on Payments of Compensation on Acquisition of certain Immovable Property: 194-LB
Apr 5, 2018 · Section 194IB: Applicability – Every person paying rent (except individual & HUF) – Individual & HUF if doing business and covered in tax audit (Turnover exceeds Rs. 1 Crore for Business & 25 lakh for Profession) in last year immediately preceding the financial year in which income by way of rent is credited or paid.
Jan 22, 2020 · As per Section 194-IB, if an individual or HUF who is not liable for audit u/s 44AB, is paying rent to a resident exceeding Rs 50,000 for a month or part of a month during the previous year then he will have to deduct TDS at the rate of 5% at the time of making payment of rent to the landlord. For filing the return with respect to Section 194 ...
Aug 16, 2020 · Section 194IB : TDS on Rent by Certain Individuals or HUF Liable to Deduct TDS under Section 194-IB 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 19, 2020 · Section 194IB of the Income Tax Act is a provision which is enacted to ensure that TDS or Tax Deducted at Source is withheld on rental payments. As per the Finance Act, 2017, “TDS on Rent” under Section194IB is liable to be deducted by Individuals or HUFs (Hindu Undivided Family).
2 days ago · NOTE: If Individuals and HUFs (other than those covered under audit) pay the landlord rent of INR 50,000 or more per month, they are liable to deduct TDS u/s 194IB. What is the Reason for the Introduction of TDS u/s 194I? The Finance Act, 1994 inserted the Section 194I, regarding deduction of tax while paying rent.
