IT Department reminds individuals, HUFs to deduct and deposit TDS on rent

For financial year 2018-19, IT Department has reminded individuals and Hindu Undivided Families (HUFs), who pay a rent of more than Rs 50,000 per month (or part of month), to deduct tax at source at the rate of 5 per cent on rental payments on immoveable property. This comes after the provisions of newly-introduced Section 194-IB to the Income-Tax Act, 1961, which was proposed in the Union Budget 2017.

To deduct and deposit TDS, tenants have to take the PAN of respective landlords and upload details of TDS along with correct PAN in Form No. 26QC. Tenants need to visit www.tin-nsdl.com/services/oltas/oltas-bank-branches.html to pay the TDS.

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