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.
Typographical error in turnover declared in ITR was not as a mistake apparent from the record u/s 154 when AO…
Ground taken by assessee that he was not aware of the order cannot be brushed aside so lightly in absence…
In an order rejecting stay of income tax demand there should be a recital of the merits whether it is…
CBDT has extended the due date for furnishing Return of Income for Assessment Year 2026-27 (FY 2025-26) in respect of…
Denying the accumulation of u/s 11(2) merely on grounds of a procedural delay in filing Form No. 10 is unsustainable…
Engagement of 05 Young Professionals CAs in the Office of Central Registrar of Cooperative Society on contractual basis The office…