Last Date to deposit TDS

Last Date to deposit TDS on Rent for Individuals, not under TAX Audit

TDS on Rent

  • 30.04.2018 is the Last Date to pay TDS deducted u/s 194IB by individual/HUF who are not liable to Tax audit from monthly rent > 50000 between Jun 2017 to Mar 2018 in Form 26QC.

Section 194-IB of the Income Tax Act, 1961 states that for all the transactions with effect from June 1, 2017, tax @5% should be deducted by the Tenant/ Lessee/ Payer of the property at the time of making payment of rent (to Landlord / Lessor/ Payee) for paying to a resident monthly rent exceeding ₹ 50,000. The tax so deducted should be deposited to the Government Account through any of the authorized bank branches.

194-IB is liable to be deducted

  • By Individuals or HUFs (Hindu Undivided Family) (other than an individual or a HUF,
  • Whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such income by way of rent is credited or paid, thus out of tax audit gambit
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EPFO Changes

EPFO to accept PF claims above Rs. 10Lakh offline, earlier stand reversed.

EPFO Circular dated 13.04.2018.