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...
The Finance Act, 2017 inserted new section 194-IB to provide that an Individual or a HUF (other than those covered under clause (a) & (b) of section 44AB of the Act), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of month during the previous year, shall deduct an amount equal to five per cent. of such income as income-tax thereon.
In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 48/2017, dated the 8th June, 2017, published vide number G.S.R. 561(E), dated the 8th June, 2017, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), at page 8, in Form No. 26QC-
