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Section 194IB – TDS on Rent (for Individuals & HUF)

Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month.

Salient features:

Applicable only to individuals & HUF who are not under tax audit (under section 44AB)
This section is applicable from 1st June 2017
Tax Account Number (TAN) not required for the deductor
Applicable to monthly Rent of Rs. 50,000/- or above
TDS @ 5% if rent receiver is holding PAN, or otherwise TDS would be @ 20%
Deduction of Tax is to done in the last month of previous year (i.e. March) or in the month when the premises is vacated
Deposit to be made within 30 days from the end of month when tax was deducted. As an illustration, if deduction was in March, it should be deposited by 30th April or if deduction was in December, it should be deposited by 30th January
The deducted tax is to be deposited in the newly introduced Form No. 26QC through electronic means to one of the authorized banks
TDS Certificate (Form 16C) downloaded from TRACES is to be issued

Relevant resources : Section 194IB - Notification dated 8th June 2017 with formats of Form No. 26QC & Form No. 16C

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