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Jul 4, 2024 · The rent received on a property is subject to TDS since it is an additional income earned by people in business, salaried people, etc. This guide is for the the persons paying rent for land, building, plant & machinery, furniture & fittings, etc.
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 · Section 194I of the Income Tax Act. Meaning. 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.
Feb 8, 2024 · Rent payer is an individual or Hindu undivided family: As per Section 194IB, TDS on Rent, if the rent paid is less than Rs 50,000 per month, HUFs or individuals who are not covered under tax audits may not be liable for any deduction.
Jul 29, 2019 · Section 194-IB deals with the provisions relating to TDS deduction on Rent paid by individual / HUF, and the same is explained in brief in the current article. 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 –.
Jul 6, 2021 · Rent paid by the tenant may be for residential or commercial purpose. TDS is to be deducted even if rent paid exceeds Rs.50,000 for only one month in a year. Example-Rent paid from April 2021 to January 2022 is Rs. 45,000 per month. Rent paid for February and March 2022 is Rs. 55,000 per month.
Jul 6, 2021 · Tax is required to be deducted at source at the time of credit of ‘income by way of rent’ to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier.
