From 1st June, 2017 individuals & HUF’s who are not under Tax audit(under section 44AB) while paying the rent of Rs. 50,000 or more needs to deduct 5% TDS from the rent as per section 194IB. TDS shall be paid to the credit of Central Government and be deposited in the authorized bank within 30 days from the end of month when tax was deducted. This deposit has to be accompanied by the newly introduced challan-cum-statement of deduction of tax in Form No. 26QC. This payment needs to be made in electronic mode. The active payment challan format will be launched soon.