10 things to know about new TDS deduction by Individual & HUF tenants (194IB)

13-Jun-2017 , 09:46:36 am | By CASANSAAR print

Tax is required to be deducted by Individual and Hindu undivided, for other assesse this provision is not applicable.
Tax is required to be deducted at the rate of 5% or lower rate subject to permission under section 197 of the Act,
Tax can be deducted on:
1. Monthly basis.
2. In the last month of the previous year.
3. At the time of vacating the property.
Tenant is not required to obtain the TAN number for tax deposit and return filing (Section 203A).
If Landlord does not have the PAN then the tax deduction cannot exceed the last month rent (Section 206AA).
Tax deducted has to be deposited with the government within 30 days from the end of the month on which tax is deducted.
Tenant shall use the challan in the form 26QC for depositing the TDS with the government.
Tenant shall issue the TDS certificate the landlord in the form 16C.
Form 26QC is the challan cum TDS return statement.
Interest and late filing fee shall be applicable as per the normal provisions of the Act.

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