I am a tax payer, with accounts not subject to 44AB. Last year I paid House rent Rs.2 Lacs but was not aware of any of my duties to deduct TDS from the amount of rent paid.
My status is Individual House Rent paid during last year Rs.2Lacs, Not deducted TDS on rent paid, so what to do now please advice.
Relax....... if it aggregates for whole year........ or never exceeded 50,000/- PM.
As per sec. 194-IB of IT act “TDS on Rent” under section 194-IB is liable to be deducted by Individuals or HUFs (other than an individual or a HUF, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such income by way of rent is credited or paid) responsible for paying to a resident monthly rent exceeding Rs. 50,000.
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