Understanding Penalties, Interest Rates, and Applicability of TDS on Rent | Tax Professional Blogs | Scoop.it
From businessmarketnews.uk - February 14, 5:08 AM

Understanding Tax Deducted at Source (TDS) on Rent in India is covered under Section 194-I of the Income Tax Act. This rule requires both individuals and corporations to deduct TDS from rental payments. We also discuss penalties, interest rates, and the application of TDS on rent. Here's a rundown of the possible implications of non-compliance, which include TDS challan-cum-statement (Form 26QC), tax penalties under Section 271-H, late fines under Section 234-E, and more. To avoid such penalties, individuals and businesses must follow state schedules and requirements for filing TDS and TCS taxes.