Help!! TDS on Rent above 50K

[anish1516]

Hello Folks,

I recently got to know about the Income Tax rule of Section 194I- TDS on Rent. As per this rule tenants who are paying more than 50,000 rent per month are liable to deduct 5% TDS and credit it to the department. However I know friends paying rent around 80k per month without TDS and no issues till date. I have searched the internet and find the the rule is there but no real life experiences. Can anyone please share some guidance or experience here. Thank you.

 

[mg71999]

If you are not doing tax audit, then u/s 194ib you have to deduct TDS @5% if rent paid is more than 50k per month. This is to be done once per year before 30th April of following year. Eg you paid 720000 in the whole year, then in march month pay your landlord 24000 for March month and 36000 will be TDS. No TAN is required, you can pay by login to the itr portal using your PAN and fill form 26QC. Hope this helps!