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Under Sec. 194 IB of the Income Tax Act, 1961 an individual or HUF (who is not required to get his accounts audited u/s 44 AB) who is responsible for paying to a resident any rent, shall deduct income tax, for the use of any land and building or both, if the rent exceeds 

Under Sec. 194 IB of the Income Tax Act, 1961 an individual or HUF (who is not required to get his accounts audited u/s 44 AB) who is responsible for paying to a resident any rent, shall deduct income tax, for the use of any land and building or both, if the rent exceeds  Correct Answer Rs. 50,000 per month

Section 194IB

According to Section 194IB, it is mandatory for any person, i.e. individuals/HUF not liable to audit u/s 44AB, to deduct taxes for rent paid to a resident, exceeding Rs 50,000 per month.

According to the section, rent means a payment made by a payee under a tenancy, lease, sub-lease, or any other arrangement made for assets such as:

  1. Land
  2. Land including a factory building
  3. Building including a factory building
  4. Machinery
  5. Furniture
  6. Equipment
  7. Plant
  8. Fittings

The payee may or may not own the assets mentioned above.

Related Questions

Under Sec. 194 1B of the Income Tax Act, 1961 an individual or HUF (who is not required to get his accounts audited u/s 44 AB) who is responsible for paying to a resident any rent, shall deduct income tax, for the use of any land and building or both, if the rent exceeds:
For realizing a binary half-subtractor having two inputs A and B, the current set of logical expression for the outputs D (A minus B) and X (borrow) are 1. The difference output D = A̅B + AB̅ 2. The borrow output B = AB̅ Which of the above statements is/are correct? 
Six buildings L. M, N, X, Y and Z are in a circle facing the centre. Each building is exactly opposite another one. Building X is not immediately next to either Building M or Building Z. Building M is to Building Y's immediate right/ Building N is exactly opposite Building M. Building L, which is opposite Building X, has Building Z to its immediate right. Which of the following buildings is located to Building Z's immediate right?
Six buildings ‘L’, ‘M’, ‘N’, ‘Y’ and ‘Z’ stand in a circle facing the centre. Each building is exactly opposite another one. Building ‘X’ is NOT immediately next to either building ‘M’ or ‘Z’. Building ‘M’ is to building Y’s immediate right. Building ‘N’ is exactly opposite building ‘M’. Building ‘L’, which is opposite building ‘X’, has building ‘Z’ to its immediate right. Which of the following buildings is located between building ‘L’ and ‘Y’?  
Six buildings L, M, N, X, Y, and Z stand in a circle facing the centre. Each building is exactly opposite another one. Building X is not immediately next to either building M or Z. Building M is to building Y’s immediate right. Building N is exactly opposite building M. Building L which is opposite building X, has building Z to its immediate right. Which of the following buildings is located to building Z’s immediate right?
Six buildings L, M, N, X, Y and Z stand in a circle facing the centre. Each building is exactly opposite another one. Building X is not immediately next to either building M or Z. Building M is to building Y’s immediate right. Building N is exactly opposite building M. Building L, which is opposite building X, has building Z to its immediate right. Which of the following buildings is located to building X’s immediate right?
Directions : In each of the following questions a statement is given, followed by two conclusions. Give answer :

Statement : The government has decided to hold the employers responsible for deducting tax at source for all its employees.

Assumptions :
I. The employers may still not arrange to deduct tax at source for its employees.
II. The employees may not allow the employers to deduct tax at source.
Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
Consider the given statements as true and decide which of the given conclusions can definitely be drawn from the given statements. Statements: People think that paying tax to government is a burden and waste. Hence, they avoid paying tax or don’t pay tax promptly. Conclusions: Government should create awareness among the people that paying tax helps to build nation. Tax should be increased so that more money is collected.
Consider the given statements as true and decide which of the given conclusions can definitely be drawn from the given statements. Statements : People think that paying tax to the government is a burden and waste. Hence, they avoid paying tax or don't pay tax promptly. Conclusions : 1. Government should create awareness among the people that paying tax helps to build nation. 2. Tax should be increased so that more money is collected.