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) Land/building/furniture/fitting w.e.f 1st April 2019, tax deduction limit on rent is increased to Rs 2.4 la...
Section 194I: An Overview of TDS on Rent TDSMANJanuary 30, 2025No Commentson Section 194I: An Overview of TDS on Rent Section 194I of the Income Tax Act outlines the rules for deducting TDS on rent. This provision primarily applies to those paying rent for properties, machinery, or other...
Payment of Commission or brokerage (Under section 194H) Rent (Under section 194I) Professional service (Under section 194J) Income from Units (Under section 194K) Payment of compensation on acquisition of certain immovable property (Under section 194LA)Non...
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 per month as rent. ...
Furthermore, the due period for TDS deducted on rent and property purchases is 30 days from the end of the month in which the TDS or Tax deducted at source was deducted. How Can You Avoid TDS? An individual can request not to deduct the TDS by sending Form 15G/15H to the payer. ...
15 March 2008 Rent or hiring charges paid ag.plant & machinery attract section 194I i.e.10%+SC+E.CESS w.e.f.01-06-2007 and motor car is plant and machinery for income tax purpose.But if the rent or hiring charges exceeds 120000/- p.a.than only TDS will be deducted otherwise ...
Section Nature of Payment Basic Rate* 192 Salary As per Slab 194A Interest (other than on securities) 10% 194C Payment to contractors/sub-contractors 1% (Individual/HUF), 2% (Others) 194I Rent (Land/Building/Machinery) 2% / 10%
On theGeneralFastTab, in theStatusfield, select the residential status of the TDS component group. The options areResidentandNon-resident. In theSection codefield, enter the section code that is applied to the TDS component group. Close the page....
20 Payment of rent on plant, machinery or equipments. 194I 240,000.00 2% 2% 20% 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...
Credit of TDS Under Section 199 of Income Tax Law 1961, when tax has been deducted at source from any payment of income receivable, credit will be given to theDeducteewhile calculating the net tax payable by him and the TDS will be treated as a payment of tax on his behalf to the Cen...