Paying Over Rs. 50,000 Rent? Deduct TDS by March 31

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TDS on Rent: Paying Over Rs 50,000? Deduct Tax by March 31 or Face Penalties!

TDS on Rent: Paying Over Rs 50,000? Deduct Tax by March 31 or Face Penalties!

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News18•08-03-2026, 07:12

TDS on Rent: Paying Over Rs 50,000? Deduct Tax by March 31 or Face Penalties!

•Individuals or HUFs paying over Rs 50,000 monthly rent must deduct TDS under Section 194-IB of the Income Tax Act.
•TDS is deducted once a year, typically in March or the final month of tenancy, and must be deposited within 30 days.
•The TDS rate, revised in Union Budget 2024, is now 2% (effective Oct 1, 2024), reduced from the previous 5%.
•Failure to deduct or deposit TDS incurs penalties, including interest (1-1.5% per month), late fees, and fines up to Rs 1 lakh.
•Pay TDS via the Income Tax e-filing portal using Form 26QC and issue Form 16C to the landlord as proof of deduction.

Read Full Article on News18 in Telugu

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