|194IA||At the time of purchasing an immovable property including a building or part thereof any land other than agricultural land by any person
Note: In case of payment on an installment basis, then the deduction shall be made on each installment.
Sale consideration shall include all the incidental charges i.e. parking fees, maintenance charges, etc.
|Consideration exceeding Rs. 50 lakhs||@ 1% on the total sale consideration.|
|194IB||Rent payment by any individual or HUF
Note: Rent shall includes payment made by the lessee for leasing/renting Land, Land including a factory building, Machinery, Furniture, Equipment, Plant, Fitting etc.
TDS shall be deducted even if the individual is not required to get his books audited under section 44AB of income tax act 1961.
An Individual/HUF is not required to apply for TAN
|Exceeding 50,000/- per month||@ 5%|
|194M||Any individual or a HUF, which is not subject to tax audit and is not required to deduct TDS under section 194C, section 194H or section 194J and is making payment to any resident for carrying out any work, commission, brokerage or fees for professional service shall deduct TDS.
Note: The TDS so deducted is required to be deposited within 30 days from the end of the month in which the deduction was made and shall be accompanied by a challan-cum-statement in form 26QD.
Additionally, an individual is required to issue the TDS certificate to the deductee in Form 16D within 15 days from the due date for furnishing the challan-cum-statement in Form No.26QD
|Exceeds Rs 50 lakh, whether paid lump sum or in multiple installments||5%|
|194 N||On the cash withdrawal from the banks, co-operative bank or post office||Exceeding Rs 1 crore||2%|
||An individual making any payment to the resident contractor or sub-contractor.
Note: Contractor sub contractor payments shall include for any work relating to manufacture or supply of any good or product in accordance to the specifications and needs of a client, advertising, catering, production, telecast or broadcast of any programs, transport of goods, products and passengers through any means of transport with the exception of transport via rail etc.
|Individual Payment exceed Rs. 30,000 or Aggregate payments exceeds Rs.1,00,000||@ 1% if the payment is made to an individual/ HUF and at 2% in other cases.
||In case an individual or HUF is subject to tax audit, for the payment being made to a resident in respect of commission or brokerage for the services rendered (except the professional services), service during the buying or selling of goods, in respect of any transaction relating to any asset, valuable article or thing.||Exceeds Rs. 15,000||5%|
||An Individual or HUF who is liable to tax audit during the financial year immediately preceding the financial year in which such sum is credited or paid, shall deduct tax on the following payments made to the resident individual- fees for professional services, or fees for technical services, or Director’s remuneration or fees or commission other than those covered under section 192, or Royalty, or Remuneration/fees/commission paid to director of the company (excluding salary)||10%||Exceeds Rs 30,000. No threshold limit for any payment to the directors.
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