{"id":3201,"date":"2019-12-19T17:13:53","date_gmt":"2019-12-19T11:43:53","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=3201"},"modified":"2019-12-19T17:14:56","modified_gmt":"2019-12-19T11:44:56","slug":"tds-on-individual-paying-rent","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/tds-on-individual-paying-rent\/","title":{"rendered":"TDS On Individual Paying Rent More Than 50000"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In the finance Act, 2017. A new section has been inserted in relation to renting i.e. 194-IB. This section is made specifically for individuals and HUF.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3205\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/TDS-on-individual-paying-rent-more-than-50000-1-1.jpg\" alt=\"TDS on individual paying rent more than 50000 \" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/TDS-on-individual-paying-rent-more-than-50000-1-1.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/TDS-on-individual-paying-rent-more-than-50000-1-1-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/TDS-on-individual-paying-rent-more-than-50000-1-1-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">As per this section any person, being\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">an individual or\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">a HUF or\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">a person other than those individuals or HUF whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits of<\/span><span style=\"font-weight: 400;\"> Rs.<\/span><span style=\"font-weight: 400;\">1 crore and <\/span><span style=\"font-weight: 400;\">`Rs.<\/span><span style=\"font-weight: 400;\">50 lakhs, respectively, specified under <a href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/\">section 44AB<\/a> in the immediately preceding financial year,\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Shall be responsible for deducting the TDS @ 5% on the payment of rent to a resident owner.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-individual-paying-rent\/#Threshold_Limit_for_Deducting_TDS\" title=\"Threshold Limit for Deducting TDS\">Threshold Limit for Deducting TDS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-individual-paying-rent\/#The_time_limit_within_which_TDS_needs_to_be_deducted\" title=\"The time limit within which TDS needs to be deducted\">The time limit within which TDS needs to be deducted<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-individual-paying-rent\/#No_Need_to_obtain_TAN_number\" title=\"No Need to obtain TAN number\">No Need to obtain TAN number<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-individual-paying-rent\/#Issuance_of_TDS_certificate_%E2%80%93\" title=\"Issuance of TDS certificate \u2013\">Issuance of TDS certificate \u2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-individual-paying-rent\/#Steps_for_depositing_the_TDS_and_generate_Form_26QC\" title=\"Steps for depositing the TDS and generate Form 26QC\">Steps for depositing the TDS and generate Form 26QC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-individual-paying-rent\/#Meaning_of_Rent_under_this_section\" title=\"Meaning of Rent under this section\">Meaning of Rent under this section<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-individual-paying-rent\/#Deduction_amount_could_not_exceed_the_amount_of_rent_for_the_last_month\" title=\"Deduction amount could not exceed the amount of rent for the last month\">Deduction amount could not exceed the amount of rent for the last month<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-individual-paying-rent\/#Difference_between_194I_and_194-IB\" title=\"Difference between 194I and 194-IB\">Difference between 194I and 194-IB<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Threshold_Limit_for_Deducting_TDS\"><\/span><b>Threshold Limit for Deducting TDS<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Under this section, the tax has to be deducted at source only if the amount of such rent exceeds Rs.50,000 for a month or a part of the month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> Do not confuse with the threshold limit as defined under section 194I. As per this section, TDS is required to be deducted if the rent for a year exceeds Rs.2.4 Lakhs and here the limit is Rs.50 thousand per month i.e. Rs.6 Lakhs per year.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_time_limit_within_which_TDS_needs_to_be_deducted\"><\/span><b>The time limit within which TDS needs to be deducted<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Under this section, TDS is required to be deducted at the earlier of the following:-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">At the time of credit of such rent, for the last month of the previous year<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0Or\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The last month of tenancy, if the rented property has vacated during the year, as the case may be, to the account of the payee\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Or<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">At the time of payment thereof in cash or by the issue of cheque or draft or by any other mode.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"No_Need_to_obtain_TAN_number\"><\/span><b>No Need to obtain TAN number<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The provisions of section 203A containing the requirement of obtaining Tax deduction account number (TAN) shall not apply to the person required to deduct tax in accordance with the provisions of section 194-IB.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Issuance_of_TDS_certificate_%E2%80%93\"><\/span><b>Issuance of TDS certificate \u2013<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Within a period of 15 days, the tenant has to issue a <a href=\"https:\/\/aktassociates.com\/blog\/tds-certificate\/\">TDS certificate<\/a> from the due date of furnishing of the Challan-Cum-Statement in Form 26QC as per Rule 31 (3B) of the Income Tax Rules.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Form 26QC shall be used for the deposit TDS by filing Challan-cum-Statement by the tenant. The TDS is required to be deposited by the tenant, within a period of 30 days from the end of the month in which TDS is deducted [Rule 30 (2B)].<\/span><\/p>\n<h3><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2892\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/unnamed-3.png\" alt=\"TDS Certificate\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/unnamed-3.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/unnamed-3-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/unnamed-3-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Steps_for_depositing_the_TDS_and_generate_Form_26QC\"><\/span><b>Steps for depositing the TDS and generate Form 26QC<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In order to file Form 26QC, the tenant has to follow the following steps \u2013<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\"> Go to site https:\/\/www.tin-nsdl.com\/.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Click on \u201cTDS on Rent of Property\u201d.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> GO to \u2018Online form for furnishing TDS on Rent of Property (Form 26QC)\u2019.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Under e-payment of Taxes, enter to \u2018<\/span><b>TDS on Rent of Property<\/b><span style=\"font-weight: 400;\"> (<a href=\"https:\/\/aktassociates.com\/blog\/form-26q-tds-for-non-salary-deductions\/\">Form 26Q<\/a>C)\u2019 and then on \u2018Proceed\u2019.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Step by step, fill up the Form 26QC and submit.<\/span><\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Meaning_of_Rent_under_this_section\"><\/span><b>Meaning of Rent under this section<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u201cRent\u201d means the payment made by the payee, for the use of any land or building or both, by whatever name called, under any lease, sub-lease, or any other agreement or arrangement.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Deduction_amount_could_not_exceed_the_amount_of_rent_for_the_last_month\"><\/span><b>Deduction amount could not exceed the amount of rent for the last month<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As per Section 206AA of the income tax act, 1961, Permanent Account Number (PAN) of the deductee to the deductor is compulsory. If the recipient of the services did not have a valid PAN Number then the deductor shall deduct the TDS at a higher rate (i.e., higher of the rate provided in the relevant section, rates in force and 20%). Although, where the TDS is required to be deducted as per the provisions of section 206AA of Income-tax Act, 1961 then deduction amount would not exceed the amount of rent payable for the last month of the previous year or the last month of the rent, as the case may be.<\/span><\/p>\n<p><strong>For Example:\u00a0<\/strong><\/p>\n<p><b>Question<\/b><span style=\"font-weight: 400;\"> Mr. X, a salaried individual, pays rent of ` 55,000 per month to Mr. Y from June 2019.\u00a0 Is he required to deduct tax at source? If so, when is he required to deduct tax? Also, compute the amount of tax to be deducted at source.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Would your answer change if Mr. X vacated the premises on 31st December 2019? Also, what would be your answer if Mr. Y does not provide his PAN to Mr. X?<\/span><\/p>\n<p><b>Answer<\/b><span style=\"font-weight: 400;\"> Since Mr. X pays rent exceeding ` 50,000 per month in the F.Y. 2019-20, he is liable to deduct tax at source @5% of such rent for F.Y. 2019-20 under <a href=\"https:\/\/aktassociates.com\/blog\/section-194ib-tds-on-rent-paid-by-individual-huf\/\">section 194-IB<\/a>. Thus, ` 27,500 [` 55,000 x 5% x 10] has to be deducted from rent payable for March, 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If Mr. X vacated the premises in December 2019, then tax of ` 19,250 [` 55,000 x 5% x 7] has to be deducted from the rent payable for December 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case Mr. Y does not provide his PAN to Mr. X, the tax would be deductible @20%, instead of 5%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case 1 above, this would amount to ` 1,10,000 [` 55,000 x 20% x 10] but the same has to be restricted to ` 55,000, being rent for March, 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case 2 above, this would amount to ` 77,000 [` 55,000 x 20% x 7] but the same has to be restricted to ` 55,000, being rent for December 2019<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Difference_between_194I_and_194-IB\"><\/span><b>Difference between 194I and 194-IB<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<tbody>\n<tr>\n<td><b>Particulars<\/b><\/td>\n<td><b>Section 194-I<\/b><\/td>\n<td><b>Section 194-IB<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Applicability<\/span><\/td>\n<td><span style=\"font-weight: 400;\">194I is applicable to all the persons other than individual \/ <a href=\"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/\">HUF<\/a> who are not required to get their account audited.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Applicable only to the individual \/ HUF who are not required to get their account audited<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rate of TDS<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minimum exemption limit<\/span><\/td>\n<td><span style=\"font-weight: 400;\">INR 2,40,000 per annum<\/span><\/td>\n<td><span style=\"font-weight: 400;\">INR 50,000 per month<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Period of TDS deduction<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Monthly<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Only once in a year.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The requirement of TAN for Deductor<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">No<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Form of TDS<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Form 16A<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Form 16C<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In the finance Act, 2017. A new section has been inserted in relation to renting i.e. 194-IB. This section is &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"TDS On Individual Paying Rent More Than 50000\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-individual-paying-rent\/#more-3201\">Read more<span class=\"screen-reader-text\">TDS On Individual Paying Rent More Than 50000<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":3206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TDS on Individual Paying Rent More Than 50000 Under Section 194-IB<\/title>\n<meta name=\"description\" content=\"Threshold limit for deducting TDS under this section The time limit within which TDS should be deductedNo Need to obtain TAN Number Issuance of TDS Certificate Steps for 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