Tds on rent paid

I wo'nt be getting benefit of section 194-IB which coming in force from June 2017? This section says rent received more than Rs. 50,000 p.m. is liable for TDS at 5%. I couldnot uunderstand the meaning. Pl. elborate.

Originally posted by : dilip ranadive
	I wo'nt be getting benefit of section 194-IB which coming in force from June 2017? This section says rent received more than Rs. 50,000 p.m. is liable for TDS at 5%. I couldnot uunderstand the meaning. Pl. elborate.

Not applicable in your case as the rent to be received by you will be less than 50K PM.

Secondly, when aggregate of the amount of such income credited or paid or likely to be credited or paid during financial year exceeds Rs. 1,80,000/-, by Individuals or H.U.F.s who were subject to tax audit under Sec. 44AB during the financial year immediately preceding the financial year in which such rent was paid or credited are also liable to deduct tax at source @ 10%, u/s. 194I.

Finally, the recipient of such payment can file Form 15G/Form 15H for Non-Deduction of TDS.