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...
Deposit & Upload details of Tax deducted along with correct PAN of the Landlord In Form No. 26QC on TIN website (www.tin-nsdl.com) within 30 days from the end of the month in which the deduction is made. (The tenant is not required to obtain TAN)
The Finance Minister while presenting budget for the year 2017-18 inserted a new provision i.e. section 194 IB under The Income-tax Act,1961, (The Act) to provide for Tax Deduction at Source (TDS) at the rate of 5 percent by an individual or HUF, other than those whose books of account are required to be audited, while making payment of rent* of an amount exceeding Rs.50,000 per month. This section came into force w.e.f. from 01 June 2017
Earlier, only individuals and HUFs who were mandatorily required to have their accounts audited as per the tax laws were required to withhold tax on rental payments on immovable property. However, with the introduction of this new section, all individuals and HUFs
Article explains TDS on cash withdrawals of over Rs 1 crore under section 194N of the Income Tax Act, 1961, TDS at the time of purchasing immovable property under Section 194-IA of the Income Tax Act, TDS on payments made to professionals and contractors under Section 194M, TDS on life insurance proceeds Under section 194DA, […]
TDS Rate Chart or TDS Rate Table For Assessment year 2020-21 (AY) / Financial Year (FY) 2019-20 In the case of a person other than a company (Resident and Non-Resident) i.e. Individual, HUF, BOI, AOP, Artificial Judicial Persons. Partnership Firm (Including LLP) and for domestic company and Foreign Companies. TDS Rates are after considering the […]
In spite of already existing similar provisions under section 194-I of the Income Tax Act, 1961, with a view to widen the tax base, the new section 194-IB of the Income Tax Act, 1961 was introduced vide the Finance Act, 2017. The provisions of section 194-IB were made effective from 1st June 2017. Section 194-IB deals […]
With a view to widen the scope of TDS applicability on payment of rent, in spite of already existing section 194-I, vide Finance Act, 2017, new section 194-IB had been inserted. Newly inserted section 194-IB of the Income Tax Act, 1961 was made effective from 1st June, 2017. The deductor, who is liable to deduct TDS […]
TDS Rate Chart for the Financial Year (FY) -2019-2020 / TDS Rate Chart for the Assessment Year (AY) -2020-2021. Article Prescribes Nature of Payment on which TDS is deductible, Section under which TDS is deductible, Basic amount per annum on which TDS is not deductible, TDS rate if PAN is not deductible. TDS rates are […]
Section 194-IB has been inserted by Finance Act, 2017 which provides the tax deduction on payment of rent by certain individuals / HUF with effect from 01-06-2017. The provision of section 194-IB are in addition to the existing provision for tax deduction on payment of rent under section 194-I of the Act.
In the case of rent paid to residents, Section 194IB has been inserted with effect from 1st June, 2017, which is related to TDS on Rent paid by Individuals and HUF to Residents. Article discusses Provisions related to TDS under Section 194IB on Rent paid by Individuals and HUF to Residents. 1. Who is liable […]
