WebApr 3, 2024 · What is Section 194I? Introduced by the Finance Act, 1994, this specific section states that anybody, whether a HUF or an individual, who takes rent as an Income is liable for TDS when the income credited is more than Rs. 1,80, 000 in a specific financial year. However, for FY 2024-20, the TDS on rent limit has been increased to Rs. 2,40,000. WebAug 11, 2024 · Section 194I of the Income Tax Act 1961 contains provisions with respect to TDS deduction on payment of rent. The provisions of TDS Section 194I explain the applicability, rate, time of deduction, and payment of TDS on rent. Here is a detailed explanation of provisions of Section 194I TDS on rent. 2. Who shall pay TDS on rent u/s …
Income Tax Form 13 for Lower Deduction of TDS: Section 197
WebApr 15, 2024 · Payment of rent on Plant and Machinery, Land and Building, etc.(section 194I ) Payment of Professional and Technical fees (section 194J) Online gaming (section 194BA) Nonresidents earning income from mutual funds in India can give Tax Residency certificate and avail the benefit of the TDS rate given in the treaty instead of 20% (section 196A) WebSection 194I of Income Tax Act is applicable for landlords earning rental from land, building, plant & machinery, furniture and fittings, etc. The responsibility to deduct the TDS, however, is on the tenant under the section. TDS on rent paid, under the income tax laws Watch on All you want to know about rent receipt and its role in saving tax mckinty \u0026 wright belfast
Clarification w.e.f. 05-04-2024 on Section 192 of the Income Tax …
WebJun 17, 2024 · Under the Income Tax Act, Section 194I, 194IB is for the TDS on Rent which we will see in detail in this article. Latest Update. 17th May 2024. The notification no … WebMar 4, 2024 · Section 194I of the Income Tax Act, 1961, is an important provision that governs the deduction of tax at source on income from rent. It is important for individuals, … WebJul 19, 2024 · As per section 194-I dealing with deduction of tax at source from payment of rent, the rate of TDS applicable is 1.5% for machinery hire charges and 7.5% for building lease rent. The rates are applicable if payment is made after 14th May 2024. The scope of the section includes within its ambit, rent for machinery, plant and equipment. mckinven and colville