Section 194-IB - Payment of rent by certain individuals or HUF (Rationalisation and Simplification of taxation of Capital Gains) Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024 - Finance Bill

Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024 As per provisions of section 194-IB , any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to section 194-I ), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to 5% of such income as income-tax thereon. 2. It is proposed that TDS under section 194-IB of the Act be reduced from 5% to 2%. 3. The amendment will take effect from 1st day of October 2024. [Clause 59] Full Text : Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024