TDS us 194IB
This query is : Resolved
24 February 2025
The section says that the tax shall be deducted if the rent paid or payable exceeds Rs. 50,000 per month or part of the month either in last month of tenancy or of previous year.
However earlier it was 5% & w.e.f. October 1, 2024 the same is reduced to 2%.
My contract period is from April 24 to March 25 & i will be deducting the same @ 2% (New Rate). just wanted to confirm regarding the applicability of rate i.e. 2%
However earlier it was 5% & w.e.f. October 1, 2024 the same is reduced to 2%.
My contract period is from April 24 to March 25 & i will be deducting the same @ 2% (New Rate). just wanted to confirm regarding the applicability of rate i.e. 2%
24 February 2025
This amendment takes effect from 1st October, 2024. So till September month the rate remains 5%.
24 February 2025
Noted. but I normally deduct in last month of Financial Year. so according to me it should be 2%
24 February 2025
The effective rates are for 'the rent of particular month' and not when it gets deducted.
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