Income Tax: If you pay the rent of more than 50000 rupees every month, then follow this rule, otherwise the income tax notice will come – Income Tax If you are paying Rent of More Than Rupees 50000 per month then follow tds rule otherwise you will get income tax notice

If you are paying more than Rs 50,000 home rent every month, then you have to deduct TDS. If you are paying rent to the landlord without deducting TDS, then you may get the notice of the Income Tax Department. In fact, the Income Tax Department has sent notice to several taxpayers for not following this rule. These notices have been sent for FY 2023 and 2024-25. The notice said that taxpayers have claimed HRA, but TDS has not been deducted on rent. It is said that a large number of such taxpayers have been sent notice.

What does income tax rule say?

Tax experts say that if a person house rent every month (Rent) If it gives more than Rs 50,000, then 2 percent according to the Income Tax Rule Tds Will have to cut. Earlier 5 percent TDS was to be cut. However, it was reduced to 2 percent from October last year. The rule of income tax states that the tenant is responsible for deducting TDS on rent. The tenant has to deduct TDS and then the remaining rent is to be paid to the landlord. The TDS has the responsibility of depositing the TDS money with the Income Tax Department.

What will happen if TDS not cut?

If the tenant rents a TDS to the landlord, it will be considered a violation of the rules. For this, the Income Tax Department can impose penalty and interest on it. The Income Tax Department has released a new brochure in this regard. It has been told about the responsibility of the tenant regarding TDS. In the Section 194-1B of the Income Tax Act, 1961, it has been said that along with the building, the rent of land also comes under the scope of TDS rule.

Also read: Income Tax E-Pay: What is the e-pay feature of income tax, how can you use it?

How long will TDS have to deposit money?

It is necessary to deposit TDS money with the government within 30 days from the date on which the tenant has paid the house rent. If the tenant does not follow this deadline, then he will have to pay late filing fees for Rs 200 daily. If not filing TDS returns, penalty of up to Rs 1 lakh under section 271H may also have to be paid. Apart from this, the Income Tax Department TDS not deducted will recover the entire money from the rent.