Section 194I Income Tax TDS on Rent Section 194I Income Tax Act deals with TDS on Rent . It is to be noted that for an Individual and HUF whose turnover from business does not exceeds Rs 1 crore in case of Business and Rs 50 Lakh in case of profession during the financial year… Read More »
Section 194IB Income Tax TDS on Rent [ TDS on Rent w.e.f 01.6.2017 ] [ Section 194IB of Income Tax Act – Deduction of tax at source on Rent in the case of certain Individuals and Hindu undivided family] If you are paying Rent in India , then you must have been confused whether you… Read More »
TDS on Rent Section 194IB of Income Tax Act What is TDS on Rent? The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding Rs 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord. Who… Read More »
Section 194IB Income Tax Act, 1961 – FA, 2018 Summary of Section 194IB Income-tax Act 1961 Section 194IB of Income Tax act Inserted by the Finance Act, 2017, w.e.f. 1-6-2017. Section 194IB Income Tax Act 1961 1[Payment of rent by certain individuals or Hindu undivided family. 194-IB. (1) Any person, being an individual or a Hindu undivided… Read More »
Enabling of Filing of Form 15G/15H for rental payments for NIL TDS on Rent The provision of sub-section 194-I of the Act, inter alia, provides for tax deduction at source (TDS) for payments in the nature of rent beyond a threshold limit. The existing provisions provide threshold of Rs. 1,80,000 per financial year for deduction of… Read More »