Income Tax : Learn about Section 194-IB of Income Tax Act, requiring individuals paying monthly rent exceeding ₹50,000 to deduct TDS at 2%. U...
Income Tax : Understand TDS on rent for individuals: thresholds, rates, and compliance procedures as per Section 194-IB....
Income Tax : Learn about Income Tax Department alerts regarding non-deduction of tax on rent under Section 194IB of the Income Tax Act, 1961....
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Confused about TDS on rent? Understand Section 194-IB, its implications, penalties, and solutions to rectify non-compliance. Find ...
Income Tax : Learn about the amendment to section 194-IB of the Income-tax Act, reducing TDS on rent payments from 5% to 2% effective from Octo...
Income Tax : The Finance Act, 2017 inserted new section 194-IB to provide that an Individual or a HUF (other than those covered under clause (a...
Income Tax : Madras High Court held that addition towards difference between purchase value and guideline value without awaiting report of valu...
Income Tax : In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number...
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 […]
The due dates for filing quarterly TDS statements are as follows: 1. Quarter ending of the financial year If deductor is an office of government In case of non-government deductor 2. 30th June 31st July of the financial year 15th July of the financial year
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 […]
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 […]
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. […]
Article compiles TDS Rate Chart For Financial Year 2020-21 and Assessment Year 2021-22 along with Due date of Payment of TDS and mode of Payment of TDS. Article explains Section under which TDS is deductible and TDS Rate Applicable. Article Covers Change in TDS Applicable from 01.04.2020 which was proposed by Union BUdget 2020 which […]
The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding ₹ 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord.
This article focuses on Tax Deducted at source on payment of Rent on Residential property by an individual and HUF which is covered by Section 194-IB. Article also cover Tax deduction under Section 194I on rent by those in Business. Article further covers the comparison between TDS deduction section 194I and 194IB.
Finance Act 2017 introduced section 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 P.M and claiming HRA are required to deduct and pay TDS of Landlord
With the year coming to an end, salaried people rush to submit their tax declarations to their employers. It hurts when your employer deducts tax from your reward for 30 days of hard work. In order to save tax, one has to jump through all kinds of hoops; investments in ELSS, fresh insurance policies, PPF, etc. House Rent Allowance (HRA) is one of the favourite tools of the salaried class to save taxes. HRA exemption gives big relief to those paying rent for their accommodation.
