SECTION-194IB : TDS ON RENT OF PROPERTY W.E.F. 01.06.2017
Meaning of Rent : Rent includes any payment under any lease or sub lease or tenancy or any other agreement or arrangement for the use of either separately or together any
Land
Building(including factory building)
Land appurtenant to a building including factory building
Machinery
Plant
Equipment
Furniture or fitting
The security
deposit which is refundable is not the part of the Rent.
The Payment
of Advance Rent is part of the Rent and liable of TDS.
TDS is payable on Rent and not on GST.
Service
charges is also part of Rent.
CONDITION OF DEDUCTION
All
Individual or HUF, who is not required the Tax Audit , responsible to pay the
Rent is liable to deduct the TDS at the time of payment or credit.
TDS on Rent is
applicable when the payment of Rent exceeds of Rs.50000/ per month to a Resident.
Tenant of
the property is not required any TAN . They are required the PAN of the Land lord
or Payee.
Form 26QC is
the challan cum statement for reporting the transaction liable to TDS on Rent
under this section.
RATE OF TDS
All Individual or HUF, who is Tenant or Payer or Lessee , required to deduct the TDS @ 5% at the time of payment or credit of Rent to Land owner or payee.
TDS on Rent is applicable when the payment of Rent exceeds of Rs.50000/ per month to a Resident.
