CA.Sangam Aggarwal
Quick Summary
Introduction In the financial year (FY) 2024-25, a change in the applicable TDS rate on rent under Section 194-IB created confusion among many tenants and property managers. Specifically, if rent payments after October 1, 2024, are subject to a reduced TDS rate of 2% instead of 5%, but you mistakenly deducted or deposited tax at the higher rate, you may be eligible for a refund of the excess amount.Fortunately, the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal allo
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