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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 · 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.
Jul 6, 2021 · TDS requirement where rent not payable on monthly basis: – Sec. 194I does not mandate that the tax deduction should be made on a month-to-month basis. Therefore, if the crediting of the rent is done on a quarterly basis, the deduction at source will have to be made on a quarterly basis only.
Jun 11, 2024 · 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.
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%.
Aug 16, 2020 · As per Finance Act, 2017, “TDS on Rent” under section 194-IB is liable to be deducted by Individuals or HUFs ( Hindu Undivided Family) (other than those who Covered in Sec 194 I) responsible for paying to a resident monthly rent exceeding ₹ 50,000.
May 27, 2020 · TDS on Rent under section 194-I of Income Tax Act, 1961. Page Contents. What is the meaning of ‘rent’ according to Section 194-I? Why TDS u/s 194-I is introduced? Which cases are liable to TDS on Rent? Cases where there is no deduction of TDS on Rent. Rates of tax deduction on rent. Time limit within which tax is to be deposited:
All about TDS on rent under section 194I. Know TDS Rates for Land, factory, furniture, building, hotel etc., Lower TDS Deduction, Form 15G & FAQs.
Feb 3, 2023 · As per provisions of section 194I, any person (other than an individual or a HUF) is liable to deduct TDS on rent paid to a resident, if the amount of rent paid/credited during the financial year exceeds INR 2,40,000.
Section 194I was introduced by the Indian government to withhold taxes on all rental income exceeding a certain amount. It demands businesses to deduct TDS on rental payments above Rs 2,40,000 for plant and machinery, building, furniture, and fittings. Pay TDS Now!
