Paying Rent Above ₹50,000? Paying Rent Above ₹50,000? Paying monthly house rent of more than ₹50,000? Then you need to know about Section 194-IB of the Income Tax Act, 1961. Introduced by the Government of India to ensure high-value rental transactions are brought under the tax net, this provision makes it mandatory for tenants to … Read more
TDS on Rent TDS on Rent 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. TDS on Rent Effective October 1, 2024, the TDS rate was reduced from 5% … Read more
Want to Avoid TDS on Fixed Deposit Interest? 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 … 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
