TDS on Rent: How to Get a Refund for Excess TDS Deducted from House Rent Payments (Post October 1, 2024) If you’re a tenant paying house rent above ₹50,000 per month, you are required to deduct Tax Deducted at Source (TDS) before paying rent to your landlord under Section 194IB of the Income Tax Act. … Read more
Want to Avoid TDS on Fixed Deposit Interest? Senior citizens often rely on fixed deposits (FDs) as a primary source of income. However, when interest income from FDs exceeds ₹1 lakh in a year, banks are required to deduct Tax Deducted at Source (TDS). This can be a burden, especially for those whose total income … Read more
TDS Rate Chart For Financial Year 25-26 Assessment Year-26-27 Sec Nature of Payment Deductor Deductee TDS Rate Threshold Limit Remarks 192 Salary Employer Employee Slab Rate As per income slab Based on tax regime chosen by employee 192A Premature EPF Withdrawal Any Person Employee 10% ₹50,000 No TDS if service ≥ 5 years 193 Interest … Read more
Missed TDS on Rent Missed TDS on Rent Many salaried individuals claim House Rent Allowance (HRA) as part of their income tax-saving strategies. While this is a legitimate benefit, some taxpayers overlook an important requirement: deducting TDS on rent payments. Recently, the Income Tax Department has begun issuing notices to individuals who claimed HRA but … Read more
TDS on Rent Under Section 194-IB and HRA Claims The Income Tax Department has recently raised concerns about taxpayers claiming House Rent Allowance (HRA) without deducting Tax Deducted at Source (TDS) on rental payments exceeding ₹50,000 per month. Many taxpayers have received SMS and email alerts asking them to verify their HRA claims and correct … Read more
