WebThe key objective of inserting this section is to curb tax evasion by landlords. In this article, we briefly discuss Section 194 IB of the Income Tax Act. Rent as per section 194-IB. Rent … Web21 Jan 2024 · Section 194J of Income Tax Act 1961 provides that where any person (not being individual or HUF) who is availing professional services or technical services is liable to deduct TDS while making the payment for such services. It is important to be noted that as per this section 194J the payment for such services must be made to residents.
Tax Laws & Rules > Acts > Income-tax Act, 1961
WebBased on Section 194I of the Income Tax Act, a person is eligible for a TDS deduction if they will be paying their landlord a total of Rs 1.80 lakhs in rent in a financial year and have already debited that amount or are likely to do so. Note that neither a person nor a HUF may be the subject of this sentence. Rate of TDS Under Section 194I Web11 Apr 2024 · No.370142/06/2024-TPL dated 05th April, 2024. Department issued an Clarification regarding deduction of TDS under section 192 read with sub-section (IA) of section 115BAC of the Income-tax Act, 1961, Text of the circular are given below:-. Vide Finance Act, 2024, sub-section (lA) has been inserted in section 115BAC of the Income … clary shipboard ups
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Web(1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of … WebReport this post Report Report. Back Submit Submit Web10 Apr 2024 · The tenant is responsible for deducting TDS on rent at the rate of 10% on the rent paid to the landlord if the rent paid exceeds Rs. 2,40,000 per annum as per the norms of Income Tax Act under section 194 – I. The tenant must also remit the TDS amount to the government. If the landlord is a non-resident, the tenant must deduct TDS at the rate ... download for among us