Income Tax : Learn how TDS on rent is governed under Sections 194-I and 194-IB, including eligibility, deduction rates, thresholds, and complia...
Income Tax : The Income Tax Department has clarified that individuals and HUFs paying rent above ₹50,000 per month must deduct TDS under Sect...
Income Tax : Learn how tenants can claim refunds for excess TDS deducted on rent under Section 194-IB of the Income Tax Act. Follow a detailed ...
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 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 : The tribunal ruled rental income from administrative buildings must be taxed under house property, not other sources, emphasizing ...
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...
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 […]
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-
