section 194I - Page 2

TDS on Rent under section 194I, 194IB & 194IC

All about TDS on Rent Meaning of Rent ‘Rent’ means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any,— 1. land; or 2. building (including factory building); or 3. land appurtenant to a building (including factory ...

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Posted Under: CA, CS, CMA |

TDS on rent paid in India & rent paid to a Non-resident in India

Earlier, Rent paid in India was covered under section 194-I which covered Individuals and HUF who are liable to get their accounts audited under the Income-tax Act. This section left a huge portion of rent prayers uncovered as not everyone became liable for Audit. To cover this portion, A new section 194-IB was inserted through […]...

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Posted Under: CA, CS, CMA |

TDS on Rent under section 194I of Income Tax Act,1961

What is the definition of Rent? Rent is defined as the payment made under any lease, sub-lease, tenancy or any other agreement or arrangement. Such payment is made for the use of land or building or for land appurtenant to a building, machinery or plant or equipment or furniture or fittings....

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TDS Rate Chart for Financial Year 2020-21

Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05.2020 and on the date of Publication of this post no notification in this regard is been notified by the CBDT. Press release can be accessed at […]...

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Posted Under: CA, CS, CMA |

TDS on Rent under section 194I of Income Tax Act, 1961

All you need to know about TDS on Rent under section 194I of Income Tax Act, 1961. What is rent according to the section 194-I and the time limit within which tax is to be deposited?...

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Assessee eligible for TDS deducted on Income collected on behalf of Govt.

Council of Handicrafts Development Corporation Vs ITO (ITAT Delhi)

The issue under consideration is whether A.O. is correct in denial of credit of TDS on rental income collected by the appellant under an agreement on behalf of Government?...

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TDS deduction in case of Rent Paid to Co-Owners

M.P. Warehousing & Logistics Corporation Vs ACIT (TDS) (ITAT Indore)

M.P. Warehousing & Logistics Corporation Vs ACIT (ITAT Indore) From perusal of the above details which stands un-rebutted, we find that the assessee had duly deducted the tax at source on the rent paid to the co-owners where the amount of rent exceeded the limit of Rs.1,80,000/- and in two cases where the amount was […]...

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TDS Rate Chart for FY 2020-21 / AY 2021-22 – Updated

TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...

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FAQs on TDS on Rent U/s. 194-I of Income tax Act, 1961

Section 194I was inserted vide the Finance Act, 1994. The present article covers the important Frequently Asked Questioned regarding section 194-I of the Income Tax Act, 1961, which deals with the provisions of TDS on Rent. Q.1 Who is liable to deduct TDS on Rent under Section 194I of Income tax Act, 1961? A.1. Any […]...

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TDS Provisions related to Small Businesses & Covid 19 Relief

TAX DEDUCTION AT SOURCE (TDS) In order to ensure better tax compliance and ensuring the timely payment of tax to the Government treasury, a mechanism has been established by making it mandatory for certain persons responsible for making payment of some expenses to deduct tax from such payment and deposit it to the Government account. [&he...

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Posted Under: CA, CS, CMA |

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