WebApr 10, 2024 · TDS rates-For rent on land, building or furniture, the TDS rate is 10% under Section 194-I. For rent on the plant and machinery, the TDS rate is 2% (Section 194-I). However, for rent on land, buildings, or both, the TDS rate is 5% under Section 194-IB. … However, the amount of late fees cannot exceed the TDS. Also, penalty under … WebAs per section 194I, any person (not being an individual or HUF) paying rent to a resident person is liable for tax deduction at source on rent @ 10% if the annual rent exceeds Rs. 2.4 lakhs. Earlier, this TDS limit for deduction of tax on the rent was Rs. 1.8 lakhs.
TDS On Rent - Section 194-1 of Income Tax Act, 1961
WebJan 4, 2024 · Check out the latest TDS Rate chart for FY 2024-21 (AY 2024-22). Find out the Indian TDS rate and rates of TDS (Tax Deducted at Source) applicable to resident and non-resident Indians. ... 194I. Rent of - Plant/Machinery /Equipment - Land and Building/Furniture & Fixture ... - of units of a Mutual Fund specified under clause (23D) of section 10 ... WebApr 11, 2024 · No.370142/06/2024-TPL dated 05th April, 2024. Department issued an Clarification regarding deduction of TDS under section 192 read with sub-section (IA) of section 115BAC of the Income-tax Act, 1961, Text of the circular are given below:-. Vide Finance Act, 2024, sub-section (lA) has been inserted in section 115BAC of the Income … cardiol wirkstoff
Clarification on TDS Deduction Under New Tax Regime: Circular …
WebJul 29, 2024 · Section 194I: TDS on Rent paid (land, building, plant & machinery) It is an obligation for TDS deduction on persons (other than individual/HUF) making rental payments to resident indians above a specified limit i.e. Rs.2,40,000 in a year. WebMar 16, 2024 · Now 2 Rates for TDS under Section 194J 10% and 2% ... As per section 194I TDS is to be deducted on Rent at 10% in case of Land and Building and Furniture and 2% … Web144 rows · Section 194Q:Payment for purchase of goods of the aggregate value exceeding Rs. 50 lakhs Note: TDS is deductible on sum exceeding Rs. 50 lakhs 0.1 Section … bronze kitchen light fixtures