in case of multiple tenants the threshold limit of Rs 50,000 will apply on each tenant individually. “If both the tenants are paying rent for their respective share (of the flat), the tax shall not be deducted if their respective share of (total...
Section 194C of the Income Tax Act governs the deduction of tax on payments made to contractors or subcontractors for carrying out any work, including the supply of labour. What…Read more » Section 194IB – TDS on payment of Rent by certain Individuals or HUF ...
Payment in respect of deposits under NSS [National Savings Scheme] (Section 194EE) Payment on account of repurchase of Units by Mutual Fund or UTI (Section 194F) Payment for Commission or brokerage (Section 194H) Payment of rent (Section 194I) Payment of fees for professional or technical ...
Tax is not deducted at source from rent payments or fees paid to professionals. Regularly, TDS is paid to the central government as an advance tax. Payers are responsible for making payments. When filing your annual returns, you can claim TDS deducted from your payment. How Employer Can Calcu...
(0021) Non-company deductee -if TDS is deducted against payment to an individual Examplefor understanding TDS Let’s say a Private Ltd. Company (Sapna) makes a vendor payment of Rs 100,000/- as office rent to a builder. Now, Sapna Pvt. Ltd. is required to deduct & deposit TDS of ...
TDS is a direct tax which is collected from the people at the time of payment like salary, rent, commission, etc. The TDS collected is then transferred to Government Account. The full form of TDS is Tax Deducted at Source. The Central Board of Direct Taxes (CBDT) governs the provisions...
Payment of rent Compensation on acquiring immovable property Winning from games. It includes crossword puzzles, lottery, cards, etc. What is the TDS Certificate? The people in charge of deducting tax at source provide TDS certificates. Further, the certificates must be issued when it is deducted...
Section 194I: An Overview of TDS on Rent 14 Jan 2025 Section 194C: TDS on Payments to Contractors 10 Jan 2025 Section 194IB - TDS on payment of Rent by certain Individuals or HUF 08 Jan 2025 Section 192A- TDS on Payment of Accumulated PF Balance Due to an Employe.. ...
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 ...
194I Rent of plant and machinery Rs. 2,40,000 2% 2% 194IA Payment for transfer of immovable property other than agricultural land Rs. 50,00,000 1% 1% 194IB Rent payment that is made by an individual or HUF not covered under payment 194I Rs. 50,000 (per month) 5% NA 194IC Payment...