Nettet3. jan. 2024 · TDS on rent paid on plant, machinery, or equipment is to be charged at 2%. TDS on the rent paid on land, building, or both of it is to be charged at 10%. TDS on the rent paid on furniture or fitting is charged at 10%. Payments Covered Under Section 194I NettetRate of TDS on Rent. Rent paid for plant, machinery, or equipment. 2%. Rent paid for land or building. 10%. Rent paid by an individual/HUF whose turnover doesnot exceed the limits specified in 194-I. 5% (provided the rent paid exceeds Rs. 50,000 per month) u/s 194IB. Rent paid for furniture or fittings.
Income Tax: How TDS provision applies on rent paid Mint
Nettet28. apr. 2024 · Under Section 194 I of the Income Tax Act, if a businessman is paying ₹ 2,40,000 or more rent per annum then it will pay the monthly rental deducting TDS. For an individual or HUF, if the ... NettetThe rates of TDS can be summed up as follows: Rent for plant/ equipment/ machinery- 2% TDS on the rent amount paid Rent for land/ building/ furniture/ fittings- 10% TDS on the rent amount paid Individual/ HUF not liable to tax audit - 5% TDS on the rent paid in cases where more than ` 50,000 is paid per month as rent. senior business operations coordinator salary
Comprehensive Guide for TDS Deduction on Rent under Section …
Nettet10. apr. 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. … Nettet14. mai 2024 · The TDS threshold for deduction of tax on rent is increased from Rs. 1,80,000 to Rs. 2,40,000 for FY 2024-20 onwards. There is no surcharge unless the amount is more than Rs.1 crore. Rent paid to a government body/agency, is exempt from TDS. Why is Section 194I a part of the Income Tax Act? Nettet10. apr. 2024 · Individuals and HUFs not covered in the above section can deduct TDS at 5% if the rent paid exceeds INR 50,000 per month. Failure to deduct TDS on rent may result in a penalty interest of 1% per ... senior business partner bosch manpower