What is the difference between section 194-I and 194-IB? Section 194-I is applicable to the tenant who is an individual or HUF (Hindu Undivided Family) and is liable to deduct tax (having a TAN) during the financial year while paying rent. Section 194-IB is applicable to the tenant who is an individual or HUF (Hindu…
Form 16C is the newly introduced TDS certificate to be issued by rent payer (deductor) i.e. individuals & HUF’s who are not under Tax audit (under section 44AB) and does not have a Tax Account No. (TAN), paying a rent of Rs. 50,000/- or above per month, to the rent receiver (deductee) as per section…
From 1st June, 2017 individuals & HUF’s who are not under Tax Audit (under section 44AB) and does not have a Tax Account No. (TAN) while paying the rent of Rs. 50,000 or more needs to deduct TDS from the rent as per section 194IB. Form 26QC is the newly introduced online Challan – cum –…