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Jun 13, 2024 · Section 194-I outlines the rules for TDS on rent for individuals earning rental income. It covers aspects such as threshold limits, reasons for introduction, conditions for TDS deduction, meaning of 'rent', rates of TDS, and exemptions.
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.
Mar 29, 2024 · 1. As per Section 192A TDS rate on PF withdrawal for employees without PAN reduced to 20% from the maximum marginal rate. 2. Some sections apply only if gross receipts from profession exceeds ₹ 50 lac and from business exceeds ₹ 1 crore. 3. As per Section 194N Increased TDS threshold for cash withdrawal by co-operative societies.
Jul 29, 2019 · 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 –.
Jun 10, 2024 · Tax deduction at source (TDS) means collecting tax on income in the form of salary, rent, asset sales, dividends, etc., by requiring the payer to collect income tax due on such income while crediting/paying to the payee and deposit the same to the government on payee’s behalf.
Here is the TDS rate on rent-TDS on rent paid on plant, machinery, or equipment is to be charged at 2%. TDS on the rent paid on land, building, or both of it is to be charged at 10%. TDS on the rent paid on furniture or fitting is charged at 10%. Payments Covered Under Section 194I
Jan 16, 2024 · TDS on rent will be deducted only when rent paid exceeds Rs 50,000 per month. The deductor is not required to have a TAN for deducting TDS under this section. When to deduct TDS? TDS needs to be deducted, earlier of: Rate of Tax. How Section 194-IB is different from Section 194-I? Form 26QC. A Form 26QC is a challan cum statement.
May 7, 2024 · Tax Deduction at Source (TDS) on rent is regulated by two specific sections of the Income Tax Act: Section 194I and Section 194IB. These provisions define who has to deduct TDS on rent, the conditions under which the deduction needs to be made, and when the deduction should be taken.
Oct 24, 2023 · Who is Responsible for Tax Deduction u/s 194I? Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident taxpayer any rental income shall deduct TDS. However, if the individual or HUF has: a total sales, gross receipts, or turnover from the business in excess of Rs 1 crore.
Mar 22, 2018 · Who is liable to deduct TDS on Rent? This section is applicable on any person (not being an Individual or a HUF who is not liable for audit us 44AB) who is responsible for payment of rent.
