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Jul 4, 2024 · TDS for Rent - Section 194I of the Income Tax Act which refers to TDS deduction for rental income. Check out to understand its application and compliance to manage rental income.
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 23, 2024 · Section 194-IB and Section 194-IC of the Income Tax Act deal with TDS on rent payments and joint development agreements. Budget 2024 proposes to reduce TDS rates under Section 194-IB from 5% to 2%.
Jul 6, 2021 · 1) Who is responsible to deduct tax under section 194IB of Income Tax Act, 1961? Any person, being an individual or a Hindu undivided family (not covered under section 194I), responsible for paying to a resident any income by way of rent exceeding ₹ 50,000 for a month or part of a month during the previous year, shall deduct income-tax thereon at the rates in force. For the purposes of this section, “rent” means any payment, by whatever name called, under any lease, sub-lease, tenancy ...
May 24, 2023 · Section 194I(a): Section 194I(a) of the Income Tax Act addresses the deduction of tax at source on rental income from land, buildings, or plant and machinery.
Jul 26, 2019 · Section 194I was inserted vide the Finance Act, 1994.The present article covers the important section 194-I of the Income Tax Act, 1961, which deals with the provisions of ‘TDS on Rent’.. Meaning of the term ‘Rent’ – Before going into the nitty-gritty of the provisions of section 194-I of the Income Tax Act, 1961, first of all, let us understand the term ‘Rent’ which has been explained under Explanation (i) to Section 194-I –. Rent means any payment under any lease / sub ...
Jan 9, 2020 · Extract of Some relevant Sections and Rules: Section 194IB as per Income tax Act, 1961 [Payment of rent by certain individuals or Hindu undivided family] 194-IB. (1) Any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to section 194-I), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to five per cent ...
5 days ago · A Form 26QC is a challan cum statement. If you have deducted any tax u/s 194-IB, then you are required to deposit such tax through this form. The TDS deducted needs to be deposited within 30 days from the end of the month in which amount was deducted and should accompany Form 26QC.
May 7, 2024 · Tax deduction at source (TDS) on rental income is an important compliance factor under the Income Tax Act, which is specifically mentioned in Section 194I This section makes tax deduction at source mandatory from any income derived from the rental or lease of property. It covers a range of assets, including land, buildings, plant and machinery, and furniture and fixtures.This article serves as an important help for both tenants and property owners, explaining in detail the process, implications
Central Board of Direct Taxes
