Web30 mrt. 2024 · For instance: TDS deducted in the month of June must be paid to the government by the 7th of July. However, the TDS deducted in the month of March can be deposited till 30th April. For TDS deducted on rent and purchase of property, the TDS payment due date is 30 days from the end of the month in which TDS is deducted. Web13 sep. 2024 · Section 194-I of the IT Act 1961 governs tax deduction at source in case of lease rentals. As already mentioned, Income Tax Act does not draw any line of distinction between financial lease and operating lease, let us understand whether TDS needs to deducted on lease rentals in case of both financial lease and operating lease. Section …
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Web23 jan. 2024 · The owner of the property (which is given on rent) has to collect the GST from the person paying rent. This GST will be on the rent charged. The payer of rent has to deduct income tax at source at 10% if the rent for the property exceeds Rs.2.40 lakh per year from the AY 20-21 onwards. Web6 jul. 2024 · TDS threshold for deduction of tax on rent is increased from ₹1,80,000 to ₹ 2,40,000 for FY2024-20. 4) When to Deduct TDS under Section 194I? Tax is required to … st helens rlfc history
Section 194IB TDS on Rent of Property - TaxGuru
The Finance Act, 1994 inserted the Section 194I, regarding deduction of tax while paying rent. The government introduced the provision to cover the income by way of rent under tax deduction at source. In … Meer weergeven Web31 jan. 2024 · Section 194I of Income Tax Act (TDS on Rent payment) provides the provision related to deduction of TDS on Rent payment to resident on use of house property, land, furniture & fixture, plant & machinery. This section puts the responsibility on any person (other than individual / HUF) and Individual / HUF (only in case if they require … Web27 mei 2024 · TDS requirement where rent not payable on monthly basis :- Sec. 194-I does not mandate that the tax deduction should be made on month-to-month basis. Therefore, if the crediting of the rent is done on quarterly basis then deduction at source will have to be made on the quarterly basis only. Where the rent is paid on yearly basis deduction also ... st helens road southend