Do you want to know
what is the threshold limit under section 194l
? I also had the same question before but it was resolved by my teacher.
The Section 194L of the Income Tax Act is related to the deduction of tax at source (TDS) in respect of rent.
The threshold limit for TDS under Section 194L is Rs. 2,40,000.If the rent paid or credited exceeds this threshold, TDS is required to be deducted by the person making the payment.
Which Payment is Covered under Section 194L?The rent received when a factory building is let out.
Service charges payable to business centers.
In the case when a building is let out by one person and furniture is let out by another person.
When the rent is paid on yearly basis.
In the case of cold storage facilities.
Hall rent paid by an association for use of Hall.
The person except Individual or HUF who pays rent to a resident.
Individuals or HUF who are liable for tax audit.
The individual/HUF not covered under tax audit who exceed the rent payment by Rs 50,000 per month are also liable to deduct TDS @ 5%. This TDS provision is covered under Section.
I hope this will help you in understanding
what is the threshold limit under section 194l
.
Get your legal matters resolved online via NoBroker
Read more
How to Download TDS Certificate
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
What is the Threshold Limit Under Section 194l?
Pragati
1488 Views
1
2 Year
2023-11-30T14:26:20+00:00 2023-11-30T14:26:21+00:00Comment
Share