hi
I wanted to know what is the difference between section 194 and section 194ib?
Also if there are 3 partners of commercial property who have leased a shop on rent, will 50k per month criteria be available to all 3 of the owners?
u/s 194-I, an Individual or HUF is required to deduct TDS, if tax audit was applicable to him in the immediately preceding financial year.
But u/s 194-IB no such criteria is applicable, i.e. those Individual or HUF will deduct TDS who are not subject to tax audit or other than those covered u/s 194-I.
Not mentioning the threshold limits etc. That is there for you to see.
Further, u/s 194-IB, limit of Rs. 50,000 is applicable for each co-owner separately, if rent is paid to co-owners of the property.
CAclubindia
