Is there is any contravention while receiving rent of Rs 51000 pm or more from any individual in cash without deduction of TDS by that Individual.
Kindly advise.
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Receipt of Rent from Individual without TDS
Replies (3)
Not till Feb rent payment......
Because The section 194-IB is applicable on an individual or a Hindu undivided family who are not required to have tax audit as per Income Tax Act.
- The Rate to TDS to be deducted shall be 5%.
- The above said tax shall be deducted : when rental expense for the last month of the previous year or the last month of tenancy, if the property is vacated during the year is booked in books of accounts, or at the time of payment, whichever is earlier.
As per section, liablity to deduct tax is on the part of person making the payment. But in the query, I had requested to advise for receipent of rent.
Moreover for receipt in cash, advice is requested.
Moreover for receipt in cash, advice is requested.
tds @ 5% is required to be deducted if an individual paying rent in excess of rs 50000 pm to an resident as per sec 194IB
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