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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.
Section 194-IB of the Income Tax Act mandates TDS for rent exceeding Rs. 50,000 per month, covering various assets. Section 194-IC imposes TDS on rent paid under a Joint Development Agreement at 10%. Both sections specify the time and rate of TDS deductions, with penalties for non-compliance.
Jan 16, 2024 · Explore Section 194IB of the Income Tax Act: Understand TDS implications on property rent and ensure compliance with tax regulations. What is Section 194-IB? When to deduct TDS u/s 194-IB?
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.
Section 194IB applies to resident individuals and HUF who are not liable to tax audits under Section 44AB. Section 194I is deductible at the time of credit of rent or payment in cash or any other mode, which one comes earlier.
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 –.
Jan 16, 2024 · Section 194IB relates to TDS on Payment of Rent by Certain Individuals or HUF. Section 194IC relates to TDS on Payment Made Under Specified Agreement. Contents. What is TDS on Rent? What is Section 194I of the Income Tax Act? Who deducts TDS u/s 194I? What is the rate & time of tax deduction u/s 194I? What is the Limit of Tax deduction under 194I?
