Income Tax Department Issues Notices to Taxpayers Over Non Deduction of TDS on Rent of ₹ 50,000 or More Per Month

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The Income Tax Department has issued notices to taxpayers who have been paying a last of ₹ 50,000 or more per month and not deducted tax deduted at source (TDS) While Remitting The Amount to Landlard, A Tax Said.

Many Taxpayers have received a notice from the income tax department Pertaining to the Assessment Years 2023-2024 And 2024-25 Stating that you made a clause a claus of house deducted tds on that. The notice also states, if you want to file an updated return by Reducing your class, this is the right time to do it, Abhishek Murali, President, All India Tax Payers’ Association Said.

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These notices have been issued to Several Taxpayers Across the Country, He said.

Where you are a tenant of a particular house property and you are paying a Rent of ₹ 50,000 or more, the income tax act mandates that as a tenant you need to deduct tds of 2% (Effective from October 2024 EARLIER It The Rent you are paying to the landlord to deeduct the tenant. Abhishek said.

“If the tenant has failed to do so, the person is considered as an assessese in default. per month depending on the individual cases and time of the default, ”He said.

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“There is one examption to this. If the landlord has filed is income tax return and shown the Rental Income and If has paid the taxes duly calculated on the same and if you are available to furnish the information, you will not be considered as assessese in default and need not pay any interest or penalty, “Mr. Abhishek said.

“However, some landlords may not be comfortable sharing certification of confidential/private documents. Therefore, it is advisable that all assessees properly deduct and remit the tds in a TDS in a Timely Manner to Comply to Comply to Comply to Comply to Comply The law and to avoid being an assessese in default, “He said.