Time of Deduction- One time in a year i.e. annually in the last month of previous year or in the month before the tenant vacates the flat. Deductor- Any Individual/ HUF, who is not liable to tax audit in the preceding FY, but is paying rent in excess of Rs. 50,000 per month. Deductee- TDS […]
Tag: TDS on rent
Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st […]
Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st […]
What is the difference between section 194-I and 194-IB? Section 194-I is applicable to the tenant who is an individual or HUF (Hindu Undivided Family) and is liable to deduct tax (having a TAN) during the financial year while paying rent. Section 194-IB is applicable to the tenant who is an individual or HUF (Hindu […]
Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st […]
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FAQ – TDS on rent under section 194-I
1. What are the provisions relating to TDS on rent? From which date same are applicable? As per the Finance Act, 1994 the provisions of TDS on rent have been introduced w.e.f. 1.6.1994. The salient feature of Sec. 194-I are as under:- i) The provisions are applicable only in cases where the person making the […]