Section 194ib

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Querist : Anonymous (Querist)

07 February 2018 TDS u/s 1947IB i.e TDS on rent from residental property or any property?

ACMA Kiran Choubey

ACMA Kiran Choubey (Expert)
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07 February 2018 Rent” as per the provisions of the section 194IB means any payment under any lease, tenancy, sub-lease, or any other agreement or arrangement for the use of any:
Building (including factory building);
Land;
Land appurtenant to a building (including factory building);
Machinery;
Plant;
Furniture;
Equipment;
Fittings.
whether it may be owned by the payee or not.
As per section 194IB, the following conditions have to be fulfilled to deduct TDS:

Section 194IB applies only to the individuals and HUFs who do not have to get their books of accounts audited under the Income Tax Act.
For individuals and HUFs which are covered under the income tax audit, Section 194I lays down the TDS requirements.
Rent payment must exceed INR 50,000 for a month or a part of the month.

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