Deepak Gupta | Mar 10, 2018 |
ITD cautions individuals/HUFs paying rent of over Rs 50000:Income Tax Department has issued an advisory for payment ofmonthly rent over Rs. 50000/-. TDS under section194IB is to be deducted byindividuals/HUFs (except those liable tax audit u/s 44AB(a) and (b)) while making payment/credit to residents.
The ITD has advised such payers to deduct TDS @ 5% and deposit it into Government Account in followingthree easy steps:
1.DeductTDS @ 5% of the rent paid for the entire financial year 2017-18, at the time of credit of rent for the month of March, 2018.
2.Deposit & upload details of tax deducted along with correct PAN of thelandlord in Form 26QC on TIN website (www.tin-nsdl.com) within 30 days from the end of the month in which the deduction is made. (The tenant is not required to obtain TAN).
3. Download & Issue TDS certificateto landlord in Form No. 16C from TRACES website (www.tdscpc.gov.in) within 15 days of uploading Form No. 26QC.
For more knowledge on this topic kindly referTDS On Rent Under Section 194IB of Income Tax
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