Applicability of sec 194ib
This query is : Resolved
03 May 2017
Sec 194IB says rent payable by an individual or HUF is liable to deduct TDS @ 5% on rent of Rs. 50,000/- or more per month wef 01.06.2017 and it is applicable to Individual and HUF even if no Tax Audit.
My query is whether Sec 194IB is applicable to individual or HUF who is having business income and are liable for tax audit U/s 44AB in previous year.
Thanks in advance
My query is whether Sec 194IB is applicable to individual or HUF who is having business income and are liable for tax audit U/s 44AB in previous year.
Thanks in advance
05 May 2017
Third proviso to section 194I is applciable for individuals and HUF who are covered under tax audit. so, in my opinion section 194IB will not be applicable
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