Rental income from house property | Budget 2024 New tax rules | Change in TDS rates 194IB

Описание: Rental income from house property | Budget 2024 New tax rules | Change in TDS rates 194IB
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Proposed to amend the section 28 of the Act by adding Explanation 3
Income from letting out of a residential house or a part of the house by the owner
shall not be chargeable under the head “Profits and gains of business or profession”
and shall be chargeable under the head “Income from house property”.
This amendment will take effect from the 1st day of April, 2025 and will,
accordingly, apply in relation to assessment year 2025-26 and subsequent assessment years.
Section 194-IB - Payment of rent by certain individuals or HUF
As per provisions of section 194-IB, any person, being an individual or a HUF
(other those referred to in the second proviso to section 194-I),
responsible for paying to a resident any income by way of rent
exceeding fifty thousand rupees for a month or part of a month
during the previous year, shall deduct an amount equal to 5% thereon.
It is proposed that TDS under section 194-IB of the Act be reduced from 5% to 2%
The amendment will take effect from 1st day of October 2024.

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