Rules for tenants paying monthly rent above ₹50,000 to prevent tax fines
If you pay more than ₹50,000 in monthly rent to a landlord who is a resident of India, you are required to deduct 2% TDS to stay clear of interest and penalties. This deduction happens once annually, either during the final month of the financial year or when the tenancy ends, whichever occurs earlier. You must submit the tax payment within 30 days. If you fail to deduct the TDS, you will be charged 1% interest every month.
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