Tds on Rent 5

Section 194-IB mandates a 5% TDS (Tax Deducted at Source) on rent payments. This rule specifically applies to individuals and HUFs whose turnover or gross receipts in the preceding financial year did not exceed £1 crore or £50 lakhs, respectively. The condition for applicability is that the monthly rent payment must be over £50,000. Importantly, this section does not apply to individuals or HUFs already covered under Section 194-I, focusing instead on non-audit cases.