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.
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.
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