New Section 194IB of Income tax Act inserted by Finance Bill 2017
- 23:46
- by
- AVINASH SHARMA
194-IB. (1) Any person, being an individual or a Hindu undivided family (other than those referred
to in the second proviso to section 194-I), responsible for paying to a resident any income by way of
rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall
deduct an amount equal to five per cent. of such income as income-tax thereon.
2) The income-tax referred to in sub-section (1) shall be deducted on such income at the time of
credit of rent, for the last month of the previous year or the last month of tenancy, if the property is
vacated during the year, as the case may be, to the account of the payee or at the time of payment
thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.
 Any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to sectio...){kind=link}
2 comments:
Hi,
This section is explained from the point of view of a Tenant, who is responsible for deducting TDS from the rent payable.
Can this be re-phrased from the point of view of the landlord, to state
1. how much "actual rent" he can receive from Tenant.
2. By when (time frame) should the TDS reflect in the landlords 26 AS
thanks
Thanks for Sharing your Knowledge on Section 194IB
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