I, as an individual/HUF, am paying rent of Rs. 50,000. How will I deduct TDS on this rent paid?

I, as an individual/HUF, am paying rent of Rs. 50,000. How will I deduct TDS on this rent paid?

In this case, you are required to deduct TDS @ 5%, as mandated u/s 194IB of I-T Act. You must deposit this TDS to the government within 30 days from the end of the month in which the tax is deducted. You should furnish a challan (cum) statement in Form 26QC. The TDS so deducted can be paid to the government electronically through any authorized bank. It has to be deducted once in a financial year, either at the time of paying the rent to the landlord (payee) for the last month of the financial year OR the last month of the tenancy in case of the property being vacated during the year, OR it can also be deducted at the time of paying rent, whichever is earlier. You are required to furnish Form 16C to the payee within 15 days from the due date of furnishing the challan.


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