Certain payments made by individuals attract tax deduction at source (TDS), but many are unaware of it. For instance, 2% TDS applies to rent exceeding ₹50,000 per month, 1% on property purchases above ...

Under Section 194IB of the Income Tax Act, 196, individuals and HUFs must deduct 2 percent TDS on rent if the monthly amount ...

The Income Tax Department notices to salaried taxpayers who claimed HRA but failed to deduct tax at source should serve as a wake-up call. (Image: Pixabay) The Income Tax Department is sending notices ...

You pay your rent diligently each month, file your income tax returns on time, and even claim your House Rent Allowance (HRA). But suddenly, an unexpected Income Tax Notice arrives, questioning your ...

A lot of people who move to metros or other big cities often face difficulties when renting accommodation. Many times, they don’t feel confident negotiating terms and conditions with landlords. This ...

The government last year introduced Section 194IB of the I-T Act, which makes it mandatory that individuals and HUFs who are paying rent of more than Rs 50,000 per month have to deduct 5% of the rent ...

Many people living in rented houses focus mainly on paying monthly rent on time, but very few are aware that income tax rules ...