In India, you must deduct Tax Deducted at Source (TDS) before making a rent payment to a property owner if the annual rent exceeds a specific threshold. According to the latest rules, if the annual rent payment exceeds Rs. 2.4 lakh, TDS on rent is due. But do you know how to pay rent TDS online? You can make the payment from e-filing portal. I have added the detailed steps below.
How to Make Online TDS Payment on Rent?
Here are the steps you must follow to pay your tax on rent.
Go to
https://www.incometax.gov.in.
Click on the ‘e-File’ tab. Select ‘e-Pay Tax’ from the dropdown menu.
Click on ‘+ New Payment’. Under the ‘TDS on Rent of Property (Form 26QC)’ section, click ‘Proceed’.
Fill in the Required Details:
Tenant Details: Enter your PAN, name, and contact information.
Landlord Details: Provide the landlord's PAN, name, and contact information.
Property Details: Input the address of the rented property.
Payment Details: Specify the rent amount, TDS amount (5% of total rent paid), and the payment date.
Choose your preferred payment method (net banking, debit card, etc.). Complete the payment process. After successful payment, download the acknowledgment receipt for your records.
Form 16C: Within 15 days of filing Form 26QC, download Form 16C from the TRACES portal and provide it to your landlord.
This is all about online payment of TDS on rent.
Get Help with Your Tax Assessment and Payments from Experts at NoBroker
Also check
How to calculate TDS on rent with example
How to Pay TDS on Rent above 50000
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Section 194-IB of Finance Act 2017 dictates that an individual will have to pay TDS on rent if the rent paid amounts to Rs. 2,40,000 or more annually.
Before telling you how to pay TDS on Rent online, I would like to share the TDS deduction rates with you.
TDS percentage payable for plant/ equipment/ machinery: 2% of the rent paid
TDS percentage payable for land/ building/ furniture/ fittings: 10% of the rent amount paid, 5% `50,000 is paid per month as rent.
To pay TDS on rent online using Form 26QC, follow the steps given below:
Go to the official TIN website, i.e.
www.tin-nsdl.com
Fill in the application form and enter all the required details such as details of transaction, name of the tenant, etc.
Make the online payment through e-tax payment option via netbanking, credit card or debit card.
Don’t forget to take acknowledgement numbers after successful payment.
How to pay TDS on rent online?
Jatin
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2021-03-22T14:36:03+00:00 2021-03-22T14:49:43+00:00Comment
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