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New forms prescribed for TDS on Rent u/s 194IB

The Finance Act, 2017 inserted a new provision, Section 194IB in the Income Tax Act under which, any person (including Individual/HUF to whom requirement of tax audit is not applicable) paying rent of Rs 50,000 or more per month must deduct TDS at 5% (w.e.f 01.06.2017)

Forms for the same has been notified.

KMS_Income Tax Updates_ New Forms for TDS on rent as per section 194-IB