PURE AGENT UNDER GST AND TDS ON RENT – PRACTICAL CONCEPTS
Dive into practical concepts of Pure Agent under GST and TDS on rent. Gain insights for compliant transactions and navigate the intricacies effectively.
Dive into practical concepts of Pure Agent under GST and TDS on rent. Gain insights for compliant transactions and navigate the intricacies effectively.
Section 194IB states that an individual or HUF, those who are not liable to get their accounts audited u/s 44AB, are required to deduct TDS @ 5% if monthly payment of rent is more than Rs. 50,000. If the payee has not provided his PAN, TDS is to be deducted on 20% which should not exceed the rent of the last month.
But in this section “rent” is defined as a monthly payment made for the use of land or building or both but not for “furniture”. Thus TDS is not to be deducted under both the sections.
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