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How to Pay TDS for Property Owner for Rent?

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0 2024-05-31T17:59:12+00:00
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how to pay TDS for property owner for rent

? In India, if you're paying rent to a property owner and the annual rent exceeds a certain threshold, you are required to deduct Tax Deducted at Source (TDS) before making the payment. As of the latest regulations, TDS on rent is applicable if the rent payment exceeds ₹2.4 lakh per year.

Here's a step-by-step guide on how to pay TDS for a property owner for rent:

  • Verify if the annual rent exceeds ₹2.4 lakh. The TDS rate for rent paid to residents is 10%.

    If you're an individual or HUF not liable for tax audit, you do not need TAN. Others must apply for TAN through Form 49B on the NSDL website or visit a TIN Facilitation Center.

  • Deduct TDS at the time of crediting the rent to the landlord’s account or at the time of actual payment, whichever is earlier. The deduction rate is 10%.

  • TDS must be deposited with the government using Challan ITNS 281. This can be done online via the NSDL website or offline at designated bank branches.

  • Visit the TIN NSDL website. Select 'e-payment: Pay Taxes Online'. Choose Challan ITNS 281. Fill in details like TAN, Assessment Year, and other necessary information. Choose the type of payment (TDS/TCS payable by taxpayer). Enter the bank details and proceed with the payment.

  • File TDS returns quarterly using Form 26QC for rent payments. This must be done within 30 days from the end of the month in which the TDS was deducted.

To the landlord as a certificate of the TDS deduction. This should be provided within 15 days of filing Form 26QC.

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