TDSMANFebruary 5, 20252 Commentson Key TDS / TCS proposed changes in Budget 2025-26 The Union Budget 2025-26 brings notable changes to tax deduction and collection processes, aimed at streamlining compliance and administrative procedures. These amendments focus on revising thresholds, removing redundant...
on services that the government specifies, and the tax is deducted by using the rates that the government specifies for a period. The rate of deduction is based on the status of the entity that receives the payment or provides the service. Statuses includeIndividual,Hindu Undivided Family(HUF)...
TDS is deducted from the payments made by the individuals as per Income Tax Act. Various types & rates of TDS deduction are present. Focus on pay as you earn. TDS is a direct tax which is collected from the people at the time of payment like salary, rent, commission, etc. The TDS ...
Tax deduction at source on rent Every Transaction The return must be filed within 15 days of the due date. When does TDS have to be deducted, and who is responsible for deducting it? Check out the following list: TDS will be reduced from any income that comes under the Income Tax Act...
For example, in this case:The government must receive TDS deducted in June by July 7th. The TDS deducted in March may be deposited up to April 30th. The payment due date of TDS is 30 days after the last day of the month in which TDS got deducted for deductions made on rent and prop...
Section 194-I: Rent on a) Plant and Machinery b) Land/building/furniture/fitting w.e.f 1st April 2019, tax deduction limit on rent is increased to Rs 2.4 lakhs p.a. from Rs 1.8 lakhs p.a. 2% 10% Section 194-IA: Payment in consideration of transfer of certain immovable property...
Tax (TDS) Deduction Rates Rent for plant/ equipment/ machinery- 2% TDS on the rent amount paid. Rent for land/ building/ furniture/ fittings- 10% TDSon the rent amount paid. Individual/ HUF not liable to tax audit - 5% TDS on the rent paid in cases where more than `50,000 is paid...
1. What is Tax Deduction at Source? For a prescribed set of payments made in the course of business or employment or investment transactions, the Income Tax Act 2058 prescribes that tax (hence referred to as TDS) must be deducted at the time of payment made by the payer ...
201ANon-deduction of TDS, either in whole or in part1% per monthFrom the date on which tax was deductible, till the date on which tax is actually deducted After deduction of tax, non-payment of tax either in whole or in part1.5% per monthFrom the date of deduction to the date of pa...
Interest can be charged on overdue rent at a maximum of 3% above the Bank of England base rate for each day it remains unpaid. However, the interest charge cannot be levied until the tenant is at least 7 days late with payment. CHARGES FOR LATE PAYMENT OF RENT Prohibited under the Act...