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.
Amount of taxes on sales comprising in turnover to be excluded while computing gross receipts for estimating net profit -…
Addition u/s 69A confirmed as alleged capital contribution by partners was deposited in bank account of assessee not in account…
Allahabad High Court grants bail to Chartered Accountant accused in a GST evasion to the tune of more than 40…
Every provision invoked casts a different sort of onus on the assessee – ITAT deleted addition u/s 69 towards bogus…
Liability under the Motor Vehicles Act can’t be decided on the grounds of sympathy alone but must be established by…
ICAI notifies Dates of CA Foundation, Intermediate and Final Exams May 2026 The Institute of Chartered Accountants of India has…