TDS on Payment of rent by certain individuals or Hindu undivided family.
| CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS |
SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. | BRIEF OF AMENDMENT |
| 63 | TDS on Payment of rent by certain individuals or Hindu undivided family. |
194 – IB | New Insertion | 1/6/2017 | 1. Ind and HUF (Not liable for Tax Audit) will be liable to deduct TDS on Rent Payment in excess of Rs. 50,000/- per month or part of a month @ 5%.
2. TDS will be deducted only once in a year at the time of last payment in previous year or last payment if premise is vacated during the year. 3. Assessee need not to apply for TAN in this case. 4. In case landlord doesn’t provide his PAN number, then TDS @20% is required to be deducted, however total TDS to be deducted cannot exceeds the rent payable for last month or last month of tenancy. |