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Tds on Rent 5
When and why 5% Tds on rent is applicable ?
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Quick Summary
Under section 194-IB, tds on payment of rent is 5%.
It is applicable to only individuals or huf (whose turnover/gross receipt does not exceed Rs. 1cr/50lacs in the preceding financial year and rent is paid in excess of rs. 50000 per month. This section is not applicable to individuals/huf to whome sec194I is applio.
It is applicable to only individuals or huf (whose turnover/gross receipt does not exceed Rs. 1cr/50lacs in the preceding financial year and rent is paid in excess of rs. 50000 per month. This section is not applicable to individuals/huf to whome sec194I is applio.
Only Non Audit cases of Individuals and HUFs , if rent payment exceeds 50k per month then 194IB applies.
That means even salaried employees and high networth people comes under this section
That means even salaried employees and high networth people comes under this section
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