Sec 194-IB - TDS On Rental Payout To Resident Landlord Above Rs.50,000 Per Month
- Yash Dhona
- Mar 26 2020
Are you a person who’s moved into a plush apartment, condominium or villa warranting to pay a rental amount more than Rs.50,000 per month? Wondering if there is any Income Tax applicability on the same? Sections pertaining to the “194” series in the Income Tax Act, 1961 deal with TDS (Tax Deduction at Sources). In the Finance Act 2017 – section 194-IB was inserted. This section deals with the tax deduction on payment of rent by certain persons with effect from 1st June 2017.ObjectiveThe...
The Hindu Undivided Family
- Aditya Shastri
- Sep 14 2013
The Indian Income tax Act recognises a Hindu Undivided family as a separate taxable assessee No! There is no such distinct tax on families. At least not yet! What this means is that HUF is treated as a separate person just like how companies are treated as separate entities/ assesses.HUF is a family hotchpot which is entitled to the same exemptions and deductions as any other individual taxpayer. Since HUF is taxed as a separate assessee, a basic exemption limit of 2 lakhs is allowed! Further the...
