If an individual resdient pay rent to individual resident for building then what is TDS Present rates and which TDS Section belong to this
As i study new TDS Chart wef 01 June,2017 some rates will be changed there 194IB (Limit 50000 Per Month) for 05% TDS
Sir i am paying Rs 50000.00 per month for building rent then what TDS will be be decuted from 01 june 2017
Deduction of TDS on rent u/s. 194-IB:
Payment of rent to a resident for land or building exceeding Rs. 50,000 per month is liable for tax deduction. Payment of rent paid or payable after 1st June 2017 are covered only.
TDS is deductible at the rate of 5% of the rent paid or payable. If the person receiving rent doesn’t furnish his PAN then TDS is deductible at the rate of 20% subject to maximum limit of amount of rent payable for the month of march or last month of tenancy as the case may be.
TDS is to be deducted only one time in a year and not in every month. TDS is to be deducted at earlier from the following
TAN number is not required by such person to deduct and deposit TDS.
If an individual is liable for audit in previous year then he is covered under section 194I. Otherwise tds should be deducted under section 194ib for rent of more than rs. 50,000 per month.
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