Hey,
Every individual or HUF who pays a monthly rent of more than Rs. 50000 to the landlord is required to deduct TDS on rent. This is specified in the Income Tax Act under (Section 194IB).
I want you to note that this provision isn’t applicable to those HUFs/individuals who need to get their books of accounts audited under the IT Act. They deduct TDS on rent under section 194I. Section 194IB doesn’t apply to partnership firms, companies, BOI, and AOP.
Get a Legally Verified Rent Agreement Delivered to Your Home with the Help of NoBroker!
Read more:
Who is Liable to Deduct TDS on Rent?
How to calculate TDS on rent with example?
What is the TDS Percentage on Rent?
What is the TDS limit for rent?
When to Deduct TDS on Rent
How to Pay TDS on Rent Online?
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Authors Of The Question
I am an individual & I earn rent of Rs.420000 yearly from an individual doing retail business. Is he liable to deduct the TDS & pay the net amount of rent to the landlord?
Sushil
86 Views
1 Answers
2 Year
2022-07-19T06:36:31+00:00 2022-07-19T18:50:41+00:00Comment
Share