TDS on rental income

Yes sir the limits were announced for FY 2019-20 and for any rent from [deleted] the limit for rent would be 2400000

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Thank you.

W.e.f. 01.04.2019, limit of rent for tax deduction u/s 194-I has been increased from 1.80 lacs to 2.40 lacs.

It is implemented. 

It was an interim budget and thats why they might be saying that its not effective yet as they might be waiting for final budget but its been a history that very less time there are any major changes after the interim budget.

Ask them to check the income tax act where the changes have been made applicable in section 194I and there are no conditions that one has to wait till july for final budget. Till final budget is announced this is applicable.

Applicable for PY 2019-20 and onwards. If you pay Rent in this Financial Year and onwards inexcess of Rs 240000.00 you have to deduct TDS u/s 194i. On 21st February same has got president assent.

Hi,

Hope you are doing well !!

Yes, it is implemented.

Hello,

Yes, it has been increased with effect from 1st April 2019 i.e. from F.Y. 2019-20.

It is implemented, you should ask them to not deduct TDS from now on if your total rent is below Rs. 2.40 Lacs per annum.

I hope this answer satisfies your requirement.

Regards,

CA Hunny Badlani

1. Provision 194I (Provisio)

Provided that no deduction shall be made under this section where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to, the payee, does not exceed 9[two hundred and forty thousand rupees] :

Sir above lines are taken from act itself. (Section 194I).

2. President Assent:

https://taxguru.in/income-tax/president-assents-finance-act2019.html

(For your reference to establish the amendment has got Presidents assent.)

3.  Further Action: Ask deductor to stop TDS for next months if the rent is below 240000.00 . Produce above details for his satisfaction.

4. For already deducted TDS : Dont worry you will get back the refund once you file return for 2019-20. 

TDS threshold on rental income per annum has increased from Rs 1.8 lakh to Rs 2.4 lakh.

However, you can get the refund of excess tds deducted.

Hello Sir,

The Government of Income Tax has announced to increase the threshold limit on TDS on rent payment from 1,80,000 to 2,40,000 for the financial year 2019-2020.

TDS rate on rent payable is 10%, tax to be deducted if the rent amount exceeds more than 2,40,000 during the financial year.

Hi,

Yes, it has been implemented. 

Hi

Yes ,it has been implemented.

Limit is 240000 wef 01.04.2019.

Hope it helps

Yes its applicable from 01.04.2019