TDS threshold on Rent proposed to be increased to Rs. 2.4 Lakh

While presenting interim Budget 2019-20 TDS threshold for deduction of tax on rent has also been proposed to be increased from Rs.1,80,000 to Rs.2,40,000 for providing relief to small taxpayers by Finance Minister Piyush Goyal.

Proposed Amendment in section 194-I of Income Tax Act, 1961

Amendment of section 194-I.

In section 194-I of the Income-tax Act, in the first proviso, for the words “one hundred and eighty thousand rupees”, the words “two hundred and forty thousand rupees” shall be substituted.