Income tax filing: Paying rent of over Rs 5. K? Here is what you must do now The TDS certificate can be downloaded and issued to the landlord in in Form No 1. C from the TRACES website within 1. Form No 2. 6QC. Are you living in a rented accommodation and paying a high amount of rent? You are now required to deduct TDS (tax deducted at source) on it and submit the same to the Income Tax Department.

Income tax filing: Paying rent of over Rs 50K? Here is what you must do now As per the new provision, if your monthly rental payments exceed Rs 50,000, then you are.

As per the new provision, effective from June 1, 2. Rs 5. 0,0. 00, then you are required to deduct 5% TDS on it. The Income Tax Department’s latest campaign on TDS informs that individuals or HUFs (except those liable to audit under clause (a) and (b) of section 4. AB of the I- T Act 1. Rs 5. 0,0. 00 need to deduct and deposit TDS @5% under section 1. IB of the I- T Act 1. Financial Year or in the month in which premises are vacated or the agreement is terminated.

Such individuals or HUFs are then required to upload details of the tax deducted along with correct PAN of the landlord in Form No 2. QC on TIN website (http: //www. The tenant, however, is not required to obtain TAN. The TDS certificate can then be downloaded and issued to the landlord in in Form No 1. C from the TRACES website ( http: //www.

Form No 2. 6QC. It may be noted that deducting tax at source is a step by the Income Tax Department in order to avoid tax evasion. It is based on the principle ‘Pay as you earn’. The payer is required to make TDS deductions, irrespective of the mode of payment, which can be cash, cheque or credit.“There are different TDS rates that are applicable to residents and non- resident taxpayers, as well as to different domestic and international companies operating in India. Any individual responsible for making any type of payment must deduct TDS at applicable rates and deposit it with the government within the specified time. TDS rates may vary depending on the nature of the income earned and whether the person to whom payment is being made is an individual or a company,” informs Chetan Chandak, Head of Tax Research, H& R Block India.

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