Rent Section For Tds
Description
How to fill out Contract Between Owner Of Apartments And Resident Apartment Manager With Rent Credit To Be Part Of Compensation?
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FAQ
Ing to Section 194IB, it is mandatory for any person, i.e. individuals / HUF not liable to audit u/s 44AB, to deduct taxes for rent paid to a resident, exceeding Rs 50,000 per month.
The challan-cum-statement, or Form 26 QC, is the payment method allowed by Section 194IC. In order to demonstrate that the tenant has deposited tax, the tenant must also furnish Form 16C. Form 16C is also a TDS certificate. Payments can be made without a TAN (Tax Deduction Account Number).
Q1: What is the difference between section 194-I and 194-IB? Answer: Section 194-I is applicable only if tenant being Individual or HUF who is liable for Tax Audit in previous year and Section 194-IB is applicable only if tenant being Individual or HUF who is not liable for Tax Audit in previous year.
Wondering what TDS is on rent? The TDS on rent section is Section 194-I of the IT Act. The rent received from the renting out or subletting of property is subject to Tax Deduction at Source(TDS).
Yes, the deduction of tax at source (TDS) on salary is compulsory under section 192 of the Income Tax act. An employer who pays wages to his/her employee must deduct TDS from the salary if the total income exceeds a certain threshold.