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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.
Jan 27, 2024 · This comprehensive guide explores the tax deduction at source (TDS) on rental income under the Income Tax Act, covering sections 194I, 194IB, and 194IC. Additionally, it delves into the Goods and Services Tax (GST) on rent, including applicable rates, exemptions, and the Input Tax Credit (ITC) entitlement for tenants.
What is TDS on Rent? According to Section 194I, an individual who pays rent is subject to tax deduction at the source. One must note that TDS can be deducted when the amount of tax to be paid or received in a given fiscal year is over Rs. 180000.
An informed and in-depth blog focusing on every aspect of TDS on rent. It covers everything from how much TDS on rent is deducted, to how to pay TDS on rent.
May 6, 2024 · TDS on rent paid to NRIs. According to Section 195 of the Income Tax Act, the tenant should deduct TDS at the rate of 30% on rent paid to an NRI landlord for property located in India. For deducting TDS on the rent, the tenant should have a TAN.
Jul 6, 2021 · TDS is to be deducted even if rent paid exceeds Rs.50,000 for only one month in a year. Example-Rent paid from April 2021 to January 2022 is Rs. 45,000 per month. Rent paid for February and March 2022 is Rs. 55,000 per month.
Oct 24, 2023 · TDS on rent as per section 194I of the Income Tax Act, 1961 is applicable on rental income which the tenant pays to the owner. The tenant while paying the rent needs to deduct TDS on rent at the applicable rate.
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.
Jan 4, 2024 · A TDS on rent is when a person who is liable to pay rent which is not Independent or HUF is required to reduce 10% of the yearly rent as a tax exempted at the source each year. This means a person who is paying rent will deduct a specific amount at the source and pay that same to the Central government.
