The Income Tax Department has recently come up with the new ‘Annual Information Statement’. By providing a comprehensive view of all the financial transactions of the taxpayer, ‘Annual Information Statement’ aims to make the income tax return filing quite easy.

Out of various information categories covered under ‘Annual Information Statement’, in the present article, we will deal with one of the information categories, namely, rent payments.

TDS provisions attached with the ‘Rent payments’-

As per section 194-IB, TDS is deductible on rent payments when all the following conditions are satisfied-

1. The payer of the rent is either an individual or a HUF;

2. Rent is paid to a resident; and

3. Rent amount exceeds INR 50,000 per month or part of a month.

On satisfying all the above conditions, the payer of the rent is required to deduct TDS @ 5%. Accordingly, the deductor is required to carry out the following two duties-

1. Sum deducted as TDS is to be deposited with the Government via challan-cum-statement in Form No. 26QC within a period of 30 days from the end of the month in which such TDS is deducted; and

2. Issue TDS certificate in Form No. 16C to the deductee.

Information source for the information category ‘Rent Payments’ under ‘Annual Information Statement’-

‘Annual Information Statement’ will grab information, under the category ‘Rent Payments’ on the basis of challan-cum-statement in Form No. 26QC filed by the deductor.

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