TDS Applicable in Shop Rent

Hi,

TDS on renting of Land and Building U/S 194I is 10%

 

As per recent amendment TDS rate from 14 May 2020 until 31 March 2021 for 194I is 7.5% 

Under section 194I :
individual /HUF (not covered under tax audit) paying rent to a resident EXCEEDING Rs.50,000 per month are also liable to deduct TDS @ 5%.

Under Section 194-I(b), TDS @ 10% is applicable in case of Rent of Land & Building, Furniture and Fixtures ( Rent for Immovable Property).

However a 25% relaxation have been given for certain Non-Salaried TDS Rates for the PY 2020-21 ( for the period 14th May 2020 to 31st March 2021). So effectively it will be 7.5%.

TDS will be deducted under sec 194I @ 10%
and yes, fir FY 20-21 relief is given it's for FY 20-21 is 7.5%

TDS may be deducted @ 10% under section 1941. Relief from the fy20-21 is 7.5%.