Section 194I of the Income Tax Act outlines the rules for deducting TDS on rent. This provision primarily applies to those paying rent for properties, machinery, or other assets, ensuring compliance and streamlining tax collections. Whether you are a business entity, salaried individual, or involved in sub-letting. Let’s break down the key elements of Section…
The provisions contained in Section 194-I of the Income Tax Act, 1961 define how one should deduct TDS on rent. Section 194I imposes an obligation for TDS deduction on persons making rental payments to resident Indians exceeding Rs.2,40,000 in a financial year. Section 194-I was introduced to bring rent under the purview of TDS provisions…
The provisions contained in Section 194-I of the Income Tax Act, 1961 define how one should deduct TDS on rent. Section 194I imposes an obligation for TDS deduction on persons making rental payments to resident Indians exceeding Rs.2,40,000 in a financial year. Section 194-I was introduced to bring rent under the purview of TDS provisions…
The provisions contained in Section 194-I of the Income Tax Act, 1961 define how one should deduct TDS on rent. Section 194I imposes an obligation for TDS deduction on persons making rental payments to resident Indians exceeding Rs.2,40,000 in a financial year. Section 194-I was introduced to bring rent under the purview of TDS provisions…
According to Indian Tax Laws, the receiver of service is required to do two things at the time of making any payment:- 1. Pay Service Tax on the services received 2. Deduct TDS on the payment made However, the confusion is whether TDS has to be deducted on amount including service tax or on amount…
The non-quoting of PAN by deductees in many cases have led to delay in issue of refund on account of problems in the processing of returns of income and in granting credit for tax deducted at source. With a view to strengthening the PAN mechanism, section 206AA provides that any person whose receipts are subject…