Income Tax Department has issued an advisory for payment of monthly rent over Rs. 50000/-
ITD has cautioned individuals/HUFs (except those liable tax audit u/s 44AB(a) and (b), paying rent to a resident in excess of Rs. 50000/-.
The ITD has advised such payers to deduct TDS @ 5% and deposit it into Government Account in following three easy steps:
1. Deduct TDS @ 5% of the rent paid for the entire financial year 2017-18, at the time of credit of rent for the month of March, 2018.
2. Deposit & upload details of tax deducted along with correct PAN of the landlord in Form 26QC on TIN website (www.tin-nsdl.com) within 30 days from the end of the month in which the deduction is made. (The tenant is not required to obtain TAN).
3. Download & Issue TDS certificate to landlord in Form No. 16C from TRACES website (www.tdscpc.gov.in) within 15 days of uploading Form No. 26AQC.
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