TDS payment on rent of residential property
Today we will discuss on important provision come in the Budget 2017. In this blog we will discuss who will pay the tax, timeline of payments, procedure of payment, how to download the Form 16C etc.
Provision of TDS on Rent of Property
An Individual /HUF (not covered under tax audit) paying rent to a resident exceeding Rs.50, 000 per month are liable to deduct TDS @ 5% from 1St June 2017
Who is liable to pay the TDS?
A Tenant who is paying the rent more than 50,000 is liable to pay.
What is the Rate of TDS?
TDS is deducted @5% on complete amount
What is Due date of Depositing the TDS
TDS is to be deducted once in a financial year. In the month he is paying the last rent of the financial year or last month when he is vacating the flat. TDS should be deposited within 30 days of deducting the payment.
Procedure of TDS payment on rent of residential property
- Go to the https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
- Select the Challan Cum Statement 26QC
- Fill the details properly –
- Pan of the Tennant
- Pan of Owner
- Address of tenant and Owner
- Address of property given on rental
- Make the Payment
- Take the print of 26QC or Save it
Procedure of Download TDS certificate on rent of residential property
Register on Traces First
- Login to the Traces accounts https://www.tdscpc.gov.in/app/login.xhtml
- Select the Tab Taxpayer
- Click on Register as a new user as taxpayer
- Mention the Pan and date of birth of tennant
- After that filed any one from the three option
· Details of TDS Deducted/Collected
· Challan details of Tax Deposited by Taxpayer
· Mention Details of 26QB statement details filed by Buyer before correction
- Activation link will be sent on Email id and mobile number. Click on activation link within 48 hours
Download the Form after registered on traces successfully.
- After Registering the User successfully Click on login pager
- Mention the user id and password
- Click on download buttons> Select Form 16C for tenants
- Mentioned the details Form type -26QC, Assement year, Ack number and pan number of saler.
- Click on proceed buttons
- After that again click on Download> Requested download.
Link – You can also click on that link https://www.youtube.com/watch?v=ccdnXa33PzY
