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

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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

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