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Section 194-IB of the Income Tax Act deals with the tax to be deducted at source for the rent payment at 2%, which is more than 50,000 INR in a month, to your landlord.
Section 194-IC is introduced by the 'Joint Development Agreement', which is an agreement between the developer and owner of the assets. Under this section, your TDS will be deducted at a 10% rate.
The TDS rate under section 194-IB is 5% which helps individuals and HUFs to keep fairness in the tax collection. If the taxpayer fails to provide the PAN, then he or she will be liable for the TDS deduction at a 20% rate.
Here are the specifications of both sections 194-IB and 194-IC, given below:
Section 194-IB
Section 194-IC
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What is the online TDS payment procedure under section 194-IB?
Given below are the steps for the online TDS payment procedure.