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3 days ago · Mandatory 5% TDS for Rent Payments: Individuals and HUFs must deduct a 5% TDS on monthly rent payments exceeding Rs 50,000, even if they are not subject to a tax audit. TDS by Employers: Employers deduct TDS based on the income tax slab rates applicable to employees.
5 days ago · TDS Rate Applicable on Rent. The person who must pay TDS on rent payment must deduct tax at source (i.e., not an individual or HUF). TDS on rent limit for FY 2022-23 is Rs. 2, 40,000. An organization might pay Rs. 90,000 per month to rent an office, for instance.
3 days ago · The TDS to be charged under Section 194R is 10%, which will come into effect from July 1, 2022. It applies only to resident recipients (receivers) of benefits or perquisites. However, Section 194R is not applicable where the aggregate value of the benefit or perquisite to one beneficiary does not exceed Rs. 20,000 during the financial year (FY).
- No, Section 194R will be applicable only in the case of those benefits or perquisites that arise out of business or profession.
- TDS certificates include Form 16, Form 16A, Form 16B, and Form 16C. A person deducting TDS has to issue these certificates to the assessee from who...
- The price of a non-monetary benefit or perquisite should be calculated based on the fair market value of such products.
- No, discounts and rebates will be reduced from the sale price. Thus, they are not treated as benefits or perquisites.
- No, Section 194R does not apply to benefits and perquisites given to employees since TDS on the same will be deducted under Section 192 of the Inco...
3 days ago · Section 194C of the Income Tax Act governs the withholding of taxes on payments made to contractors or subcontractors. This article comprehensively covers the provisions and implications of Section 194C.
3 days ago · TDS on Payment on Transfer of Immovable Property (Not Being an Agricultural Land) Any Person (Other than person referred to in section-194LA) Any Resident Person: 1%: Less than Rs.50,00,000: 17: Section 194IB: TDS on Payment of Rent by Certain Individuals or HUF: Individual & HUF(Other than covered u/s 194 I) Any Resident Person: 5%: Upto Rs ...
1 day ago · Section 80GG of the Income Tax Act provides tax deductions for individuals paying house rent but not receiving House Rent Allowance (HRA) from their employer. Updated On - 05 Jul 2024. This is especially useful to employees who do not receive house rent allowance (HRA) from their employers.
1 day ago · 3 min read • Jul 05, 2024. Tax Deducted at Source (TDS) on selling property in India should be paid as per Section 194IA of the Income Tax Act (ITA) of 1961. The government has prescribed new rules for TDS deduction on properties valued less than or more than Rs 50 lakh. 99acres takes a deep dive into this concept and explains Section 194IA ...
