Regarding TDS on rented properties

“TDS on Rent” under section 194-IB is liable to be deducted by Individuals or HUFs (Hindu Undivided Family) (other than an individual or a HUF, whose accounts are not liable to be audited u/s. 44AB of the act,  responsible for paying to a resident monthly rent Rs. 50,000/- or more. Section 194-IB of the Income Tax Act, 1961 states that for all the transactions with effect from June 1, 2017, tax @ 5% should be deducted by the Tenant/ Lessee/ Payer of the property at the time of making payment of rent (to Landlord / Lessor/ Payee).