WHETHER SECTION 194IB of INCOME TAX ACT IS APPLICABLE?
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13 November 2020
I am an Tenant (Individual under INCOME TAX ACT) paying rent of exactly Rs.50,000/- per month. As Sec.194IB makes it mandatory for tenants to withhold taxes on rental payments, over and above Rs.50,000/- p.m., am I still required to deduct TDS @ 5% for F.Y. 2019-2020?
13 November 2020
Yes, it's applicable now'.
15 November 2020
Not applicable per 194-IB (1) since rent is not exceeding Rs. 50,000/- per month.
15 November 2020
Agree with Mr Chakrapani Warrier's reply.
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