Search results
Jun 13, 2024 · What is Section 194I? The person (not being an Individual or HUF) who is responsible for paying of rent is liable to deduct tax at source. TDS threshold for deduction of tax on rent is Rs 2,40,000 for the FY 2024-25 (the threshold limit was Rs. 1,80,000 until FY 2018-19).
e-Payment of Taxes. Direct tax payments facility have been migrated from OLTAS 'e-payment: Pay Taxes Online' to e-Pay Tax facility of E-Filing portal. Users are advised to navigate to 'e-Pay Tax' portal of Income Tax Department on https://www.incometax.gov.in/ to make direct tax payments.
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 18, 2023 · If your monthly house rent payment is Rs.50,000 or more, then you are liable to deduct tax deducted at source ( TDS) at a specified rate from rental payment. Here is a look at when to deduct TDS from house rent payment and how to deposit. Who should deduct TDS?
Jun 11, 2024 · TDS (Tax Deducted at Source) on rent refers to the deduction of a certain percentage of tax by the tenant before making a rental payment to the landlord. The tenant deducts TDS and deposits it with the government. This ensures that the government receives tax revenue on rental income and prevents tax evasion. Section 194I of the Income Tax Act.
One must note that if rent is paid through cash, cheque, or draft, then TDS is deducted at the time of payment. 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%.
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.
Apr 5, 2023 · The tenant of the property, who is making rent payments to the resident landlord needs to file this form. Also, TDS is deducted at 5% of the total rent payments made by the tenant. When to deduct TDS? TDS should be deducted once in a financial year.
May 6, 2024 · How to pay TDS on rent? TDS deduction on rent paid by individuals and HUFs in 2024. TDS on rent paid to NRIs. Is TAN mandatory for TDS on rent? Form for TDS payment. Must-know facts. What is TDS? What is an HUF? Transit rent not taxable: Bombay HC. FAQs. TDS on rent paid, under the income tax laws. Watch on.
Jan 21, 2024 · As per section 194-IB of the Income-tax Act (“the Act”), every individual or HUF (other than covered u/s 194-I of the Act) is required to deduct TDS at the rate of 5% on rent exceeding INR 50,000 for a month or part of a month paying to a resident.
