CBDT prescribes Three Easy Steps to Deduct TDS for Persons paying Monthly Rent over Rs 50,000

The Central Board of Direct Taxes (CBDT) advised the taxpayers who pays monthly rent over 50,000 to deduct Tax at Source (TDS) except those liable to audit under clause (a) and (b) of section 44AB of the Income Tax Act, 1961.

An advisory released by the Board today prescribed the following three easy steps deposit the tax amount to the government account.

1. Deduct TDS @ 5, of the rent pall for the entire financial year 2017-18 at the time of credit of rent for the month of March,2018.
2. Deposit of Tax along with correct an TIN website (www.dn-nedl.com) within 30 days from the end of the month in which the deduction is made. However, the tenant is not required to Obtain TAN.
3. Download & Issue TDS certificate to landlord in Form No. 16C from TRACES website (www.tdscpc.gov.in) within 15 days of uploading Form No. 26QC.

Detailed procedure, Ilst of Bank branches authorized to accept TDS and Frequently Asked Questions (FA., are available on webs Ite www.U.sdLcorn for reference.

For more details, visit: https://www.cleanmoney.gov.in