TDS on rent paid above 50k

Tenants who pay more than 50K rent are required to deduct 5% as tax in the month of March.

In case you are vacating early, then deduct tax in the last month of tenancy..

Go online on & submit Form 26QC within 30th April.

In Form 26QC, you will be required to fill yours & landlord's PAN, email & phone number.

Deposit TDS using net banking, credit or debit card & obtain TDS certificate (Form 16C) on after 3-7 days.

Submit TDS certificate to landlord within 15th days of depositing TDS.

If you don't comply?

1% per month if the tax hasn't been deducted.

1.5 % per month if the tax has been deducted but not deposited.

Delay in filing 26QC - Late fee of 200/day. If 26QC not filled for one year from due date then penalty ranging from INR 10k to 100k

Delay in issuing Form 16C to landlord - 100/day