Section 194F: Payment due to repurchase of a unit by Unit Trust of India (UTI) or a Mutual Fund 20% Section 194G: Payments such as commission, etc., on the sale of lottery tickets 5% Section 194H: Commission or brokerage 5% Section 194-I: Rent on a) Plant and Machinery b) Lan...
A tenant who pays rent to an NRI owner must remember to deduct TDS at 30%. The income can be received to an account in India or the NRI’s account in the country he is currently residing. There is no separate rate prescribed for TDS on rent paid to NRIs. Just like in the case o...
Furthermore, TDS or deduction of tax at source is applicable to certain payments. It includes brokerage, salary, interest, professional fees, contract payments, royalty, and more. Also, TDS is applicable despite the payment mode such as credit, cash, or cheque. Update on the Budget for 2021:...
For other types of income such as rent, interest on securities, insurance commission, dividend, etc. the TDS rates are fixed and vary between 10% and 20%.Some of them are shown in table below: Section Nature of Payment TDS Rate of Individual/HUF in percent TDS Rate for NRI 192 ...
Choose the Correct TDS Form:Depending on the nature of the payment on which TDS was deducted (e.g., salary, interest, rent), select the appropriate TDS return form, such as Form 24Q for salaries, Form 26Q for non-salary payments, etc. ...
property.TDS on sale of property is applicable under Section 194-IA of the income tax law. However, buyers and sellers need not worry about TDS implications at all if the property value is up to Rs 50 lakh. On property deals involving more than Rs 50 lakh, TDS on property sale becomes...
21 Payment made on account of transfer of immovable property other than agriculture land. 194IA 50,00,000.00 1% 1% 20% 22 Rent payable by individual not covered u/s. 194I for land, building, furniture and fittings 194IB 50,000.00 Per Month 5% 5% 20% 23 Payment of Professional Fees othe...
NRI’s opening Fixed Deposit can avail benefit of the lower TDS depending on the overseas country of resident popularly called asDouble Taxation Avoidance Agreement (DTAA). DTAA is an agreement entered by India with various countries. NRI customers residing in countries that have signed DTAA with...