Section 194IB.I just have one query. This new section comes into effect from June 2017 for rent payments exceeding 50,000 per month to deduct 5% TDS in the last month of the financial year or in the month of vacancy.If rent from June 2017 to March 2018 is Rs.60,000 per month.Total Rent is Rs.6,00,000,then deduct 5% TDS which comes to Rs.30,000. So now for the last month of March 2018 for which the rent is Rs.60,000 per month,do we now have to deduct TDS of Rs.30,000 and pay Rs.30,000 to the landlord.Please answer my query.
Section 194ib
Replies (4)
As per the provisions of the Act you are correct.
"So now for the last month of March 2018 for which the rent is Rs.60,000 per month,do we now have to deduct TDS of Rs.30,000 and pay Rs.30,000 to the landlord"
Why you will deduct 30,000/- on 60,000/- you have to deduct 3,000/- on 60,000/-
thanks saloni
Don't go by Mr Paul's reply. You will become a defaulter. Mr. Saloni is correct.
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