10 things to know about new TDS deduction by Individual & HUF tenants (194IB)
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- 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:
- Monthly basis.
- In the last month of the previous year.
- 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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