Any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to section 194-I), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to five per cent of such income as
income-tax thereon.
Could any one explain it ???
| Originally posted by : Madhusudhan Reddy | ||
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Any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to section 194-I), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to five per cent of such income as income-tax thereon.Could any one explain it ??? |  |
Sec. 194-IB(1)
- any person
- being an individual or a Hindu undivided family
- to whom tax audit was not applicable during the previous F.Y.
- and who pays rent more than 50,000/month to a resident
- shall deduct TDS @ 5% on the rent amount
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