Paying Rent over Rs.50,000 pm - Deduct 5% TDS

Paying Rent over Rs.50,000 pm - Deduct 5% TDS

Are you an Individual*/HUF* paying rent over ₹50,000 per month?

Deduct & Deposit 5% TDS

(*except those liable to audit under clause (a) and (b) of section 44AB of the I.T. Act, 1961)

Deposit the TDS through e-payment or at authorised bank branches!

Deduct TDS @5% of the rent for year, at the time of credit/payment of rent of March, 2019 (or in the last month of the tenancy, if property is vacated earlier)

Upload details of tax deducted along with correct PAN of the Landlord in Form No. 26QC (www.tin-nsdl.com) (The tenant is not required to obtain TAN)

Deposit TDS online through NET Banking/Debit Card or at authorized Bank Branches

Download and issue TDS certificate to landform in Form No. 16C from TRACES website (www.tdscpc.gov.in)

• ADVISORY TO LANDLORD:
• PROVIDE YOUR PAN TO THE TENANT
• VERIFY TAX DEPOSIT IN YOUR FORM 26AS
• INSIST OF FORM 16C FROM THE TENANT

Detailed procedure, list of Bank branches authorized to accept TDS and Frequently Asked Questions (FAQs) are available on website www.tin.nsdl.com@IncomeTaxindia

Visit: www.incometaxindia.gov.in

www.cleanmoney.gov.in

Download “AAYKAR SETU”

Taxpayers Services Module & Mobile Application

Income Tax Department

Central Board of Direct Taxes

Source: www.incometaxindia.gov.in