TDS

Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments

TDS on Rent

TDS on Rent

  • Overview
  • Points to remember
  • Process

TDS on Rent – Form 26QC

A tenant of a property making monthly rent payment exceeding ₹ 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord.

Frequently Asked Questions

A deductor has to deposit the deducted TDS to the government and the details of the same have to be filed in the form of a TDS return. A TDS return has to be filed quarterly. Different types of TDS deductions have to be filed using different TDS return forms.

TDS/TCS returns filed in electronic form as per section 200(3)/206C, as amended by Finance Act, 2005, are quarterly TDS/TCS statements. As per the Income Tax Act, these quarterly statements are required to be furnished from FY 2005-06 onwards. However, as advised by Income Tax Department, acceptance of e-TDS/TCS statements pertaining to Financial Years prior to 2007-08 has been discontinued at the TIN. The forms used for quarterly e-TDS statements Forms are 24Q, 26Q and 27Q and for quarterly e-TCS statement is Form No. 27EQ. These statements filed in CD/Pen Drive should be accompanied by a signed verification in Form No. 27A in case of both, e-TDS/TCS statements.

1. Services Covered

  1. Filling form 26QC
  2. Challan Verification
  3. Generation of Form 16C

 

2. Who Should Buy

A tenant of a property making monthly rent payment exceeding ₹ 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord

 

3. Documents To Be Submitted

  1. PAN of the tenant
  2. PAN of the owner
  3. Rental agreement of the property
  4. Challan details

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TDS on Rent Registration

₹1,499.00

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Benefits of filing Income TAX Returns ?

  • Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh.

  • Taxpayers are often served notices from the IT department for delayed & missed return submissions.

  • Most embassies and consulates require you to submit IT returns for the last 3 years.

  • You can carry forward losses against house property and depreciation.

  • Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan

  • You can claim tax refund; the earlier you file the sooner you will get the refund.