TDS On Rent | Section 194-IB | Rent Payment of more than Rs. 50000 per month | Taxpundit
HTML-код
- Опубликовано: 18 окт 2024
- As per Finance Act, 2017, “TDS on Rent” under section 194-IB is liable to be deducted by Individuals or HUFs (Hindu Undivided Family) (other than an individual or a HUF, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such income by way of rent is credited or paid) responsible for paying to a resident monthly rent exceeding ₹ 50,000. Section 194-IB of the Income Tax Act, 1961 states that for all the transactions with effect from June 1, 2017, tax @5% should be deducted by the Tenant/ Lessee/ Payer of the property at the time of making payment of rent (to Landlord / Lessor/ Payee). Tax so deducted should be deposited to the Government Account through any of the authorized bank branches.
Rent according to section 194-IB means that any payment under any tenancy, lease, sub-lease or any other arrangement for below mentioned uses:
1. Building including factory building
2. Land
3. Land appurtenant to a structure including factory building
4. Machinery
5. Plant
6. Furniture
7. Equipment
8. Fittings
All individuals or HUFs (except those liable to audit under clause a and b of section 44AB) paying monthly rent to a resident more than Rs. 50,000 are liable to deduct TDS under section 194-IB.
Section 194-IB provides that for all the transactions with effect from June 1, 2017, tax at a rate of 5% should be deducted by the Tenant, Payer or Lessee at the time of making payment of rent to, Lesso, Landlord or Payee. The tax so deducted has to be deposited to the Government Account through online by any of the authorised bank branches.
The due date for payment of TDS on rent is 30 days from the end of the month in which the rent is paid.
Taxpayer has to furnish Form 26QC in following scenarios:-
1. The taxpayer has to mandatorily submit the Form at the end of each Financial Year in case the agreement period contains more than one Financial Year and rent has been paid during the year
2. In case the agreement period falls in the same financial year, the taxpayer has to mandatorily submit the form in the month when the premise is vacated or when the termination of the agreement.
Non-compliance with the TDS provisions or failing to file TDS return on time or not deducting the right amount of tax can land you in trouble.
1. Implication of Non-deduction: Interest @ 1 % p.m. of such tax from the date on which such tax was deductible till the date on which such tax is deducted.
2. Implication of Non-payment: Interest @ 1.5% p.m. of such tax from the date on which such tax was deducted till the date on which such tax is actually paid.
3. Fees for Late Filing of TDS Return: Under section 234E, a fee of ₹ 200 per day would be levied for late furnishing of TDS statement from the due date of furnishing of TDS statement to the date of furnishing of TDS statement, maximum up to amount of tax deductible.
4. Penalty for failure to furnish TDS Return: The penalty can be charged between Rs 10,000 and Rs 1 lakh.
5. Besides penalty and interest, defaulters can also face imprisonment for a term which shall not be less than 3 months but may extend to 7 years along with fine.
6. For delay in issuing Form 16C, the penalty is Rs 100 per day.
Link for firnishing Form 26QC : onlineservices...
Select Form 26QC in the aforementioned click
Link for TRACES Registration : www.tdscpc.gov...
Register/Login as Tax Payer and not as Deductor in the above link
Our website : www.taxpundit.org
Like and Share this video. Subscribe to our channel for more such videos.
The video is very informative. Sir, is the TDS required to be deducted & remitted by the Landlord and or Tenant?
thank you for the information. But please also create a video for landlord to fill ITR using form 16c given by tenant to claim refund of tax submitted by tenant.
Thanks for good video sir. If rent is 50000 pm exact. Then will this section be applicable.
Hi Sir,
Lets assume ... Tenant is paying 60K per month as rent, for agreement period: Sep2021 to Aug2022(i.e. 11 Months).Whether he has to submit 26QC every month(5%*60K TDS) i.e.
Rent = 57K & TDS = 3K per month...
or once at the end of FY (7*60K*5%) & another at end of agreement(4*60K*5%) like wise?
Kindly advise. TIA.
Thank u sir i am bcom student and its help me lot
Sir....is TDs return me hum rent year end me deposit kar skte hai naa . please suggest
Govt has unnecessarily made such complicated taxation related rules. It's a deterrent for common public who would have filed itr if the rules were simple.
50000 per month@ 600000 total of the year OR total rent of the year is more than 50,000
I am praying 26 000 residential rent of flat per month @ 312000 total rent of year is TDS applicable?
Sir for Individual advocate this section is applicable?
Question : if the property is jointly owned by 2 persons and rent is 80K of the property then also tenant needs to file the TDS ?
If the rent coming In one part
Sir if the amount of ₹50,000/- is divided by two family landlords of ₹25000/- each, will this TDS apply.
Hi Sir,
Mr X Is an employee of bank. Mr X(tenant) has an agreement with Mr Y( owner of the property)to pay rent rs. 25000 PM for house .
Bank pays directly to owner(Mr Y) on behalf of Mr X(tenant). Bank wants to deduct TDS of Mr Y while paying Rent of rs. 25000 @ 10%.
According to Mr. Y, bank cannot deduct tax as agreement was executed between Mr. X and Mr. Y. and bank is nowhere in the agreement.
My question is:
- Can bank deduct tds ?
- Whose TDS is to be deducted and by whom?
Please guide.
thanx sir very usefull information....sir 40000 per month tds ni katna h kya...
Sir, I have commercial shop and company has paid the TDS for whole year but they have not paid 9 months rent for the same year . Now how much income I need to fill in tax form .
50 K rent monthly or yearly aapne vedio me bathaya nahi hai.
Please clarify
Agar maan lijiye humne fy 20-21 ka tds bina kaate rent pay kiya hai to ab kya kiya ja sakta hai?
Sir office ke rent per security Diya hai. Kya security deposit per Bhi TDS katega...
does TDS needs to be paid monthly or can we do this anually or quarterly?
Hi Sumit, did you get the answer of this question?
Sir
Mere and meri wife ke naam mein property hai
Uska rent hum HuF Account open ker ke usme le sakte hai kya as per law
Rent amount zada nhi hai 12 k monthly approximate
Hello Sir, I recently cut 5% TDS on the rent I pay to my landlord. I am doing it for the first time and I have done it at the end of the FY for the whole year instead of deducting every month...But my landlord has stopped me from depositing the TDS amount saying that his wife in whose name the cheque of rent was being deposited every month, doesn't file returns. Sir, what should I do? If I don't deposit the TDS amount, then I would be in trouble but my landlord is saying to hold on. what can I do? I have time till 30th April to deposit the TDS amount. please guide..
Thanks
if the rent is exactly 50000, then what is the provision?
Sir you did not explain about 10% i case we pay or 5 % in which case we pay
Senereio: If I pay exact amount of 50000/month still I need to deduct TDS. And if applicable then can I deduct it in end of financial year i.e. March.
Is rent agreement compulsory while cutting TDS if annual rent is 96000/-
Sir what if tenant has paid 60k pm directly to landlord without deducting TDS, what is the solution.
Have they reduced the rent slab from 50k and above to 30k and above
Very nice expl. Sir
Sir me ek residential address jha me rhta tha mera rent 80000 k near about tha me usko may 2019 s 5% tds cut krk Payment krata tha but me uska abhi tk tds deposit nhi kia h me may 2020 m uska room leave kr diya to muje kya interest aur kya panelty lgegi.
For Rent TDS (Individual) 26QC, I selected date of payment as 08 Mar 2022 & date of Tax Deduction as 22 Mar 2022. got a default saying Rs 600 penalty. Not sure why I received this while it was submitted within 30days & before Mar end. Please advice.
SIR I HAD APPLIED FOR TAN TODAY HOW MUCH PENALITY I HAVE TO PAY FROM APRIL TO NOV TDS NOT DEDUCTED...
Agar mera rent amount 50000 hai To kya phle TDS katenge uske baad jo amount bachta hai uspe 18% Gst add karenge
50000 ki limit per month h ya per year.
The rent amount should be more than Rs.50,000/month for this tax to be applicable.
Sir we are paid rent for half year basis 1st half year paid 250000 it's tds applicable on this amount
Is sec 194ib applicable on sole proprietorship.
House Rent for a flat paid Rs.35000 by two person then tds applicable
Thanks sir
Every month iam getting 28 thousand rent should I pay tds
अगर बिल्डिंग का मलिक ने जनरल पॉवर ऑफ अटर्नि के जरीय अपने बेटो के नाम किरया किया तो क्या टॅक्स मलिक के नाम काटे गा या बेटो के नाम
Was tds earlier 10 % ?
Sir Tan No lana mandatory Hai kya
right
Kya 70 k Rent ho aur pg se alag alag amount me 70k aaraha ho to kya tds katna jaroori hai
Tds is to be deducted by tenant and not landlord. This section is applicable when tenant pays rent of more than Rs. 50000/-.
@@TaxPundit If 6 people are paying 60k rent do they still need to pay the tds? Because individually they pay only 10k.
I pay 14000 per months Per Year 168000 I need deduct TDS
If amount with gst is greater than 50000 but without gst less than 50000
Yealry limit kitni hai? 10000 monthly rent hai to tds katega?
No...rent exceed in 180000/a then deduct
If an individual give shop on rent to a business and the rent is
Nhi
Hello sir
Kia 9000/- per month house rent pe tds deduction hoga
No
Sir, why they ask pan number if annual rent is 1lakh
What is the percentage of tax paid by land owner to the govt
5
5%
Sir , is there any change in process now in TDS returns
And if Govt giving any relaxation during Covid period.
Please guide
I have a shop commercial building in kerala. Which I gave for monthly rent at 33000 . But when they give rent rent they cut 10% as tds from that..is it ok?
Ok now I want to get the cut tds money what should I do..
कृपया यह सूचित करेँ यह सेक्सन कब से लागू हुआ है
Kata huva TDS vapas kese paye
I am as landlord
15000/month tds katega
Hello Sir...
Sir Rent 55 k hai to TDS muje bharna hai ya jisko rent se diya hain wo bharega.... please Reply
Jo rent de raha hai ussey bharna rahega
Agar tds rent main nhi kata ho toh
Watch this video to find out :
ruclips.net/video/oyXoKCPxuvg/видео.html
I would like to contact you..
नमस्ते sir
मेरी एक कमर्शियल बिल्डिंग है
जिसमें टॉवर लगा है
अगर मैंने कंपनी को अपना पैन नंबर ना दिया हो तो कंपनी कितना टीडीएस काटेगी
Plz सिर बता दीजिए ,,?
Aagaaz1007@gmail.com
Thanks sir
Welcome