Section 194I Rent. - Taxpublishers.in

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The Tax Publishers [1][194-I. Rent. Any person, not being an individual or a Hindu undivided family, who is responsible for paying [2][to a resident] any income by way of rent, shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, [3][deduct income-tax thereon at the rate of [4][(a) two per cent, for the use of any machinery or plant or equipment; and (b) ten per cent, for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings :] Provided that no deduction shall be made under this section where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to, the payee, does not exceed [5][[6][two hundred and forty thousand rupees]. [7][Provided further that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed [8][one crore rupees in case of business or fifty lakh rupees in case of profession] during the financial year immediately preceding the financial year in which such income by way of rent is credited or paid, shall be liable to deduct income-tax under this section] SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

[1][194-I. Rent.

Any person, not being an individual or a Hindu undivided family, who is responsible for paying [2][to a resident] any income by way of rent, shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, [3][deduct income-tax thereon at the rate of

[4][(a) two per cent, for the use of any machinery or plant or equipment; and

(b) ten per cent, for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings :]

Provided that no deduction shall be made under this section where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to, the payee, does not exceed [5][[6][two hundred and forty thousand rupees].

[7][Provided further that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed [8][one crore rupees in case of business or fifty lakh rupees in case of profession] during the financial year immediately preceding the financial year in which such income by way of rent is credited or paid, shall be liable to deduct income-tax under this section]