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If you as an individual or HUF (HUF, a way to save Income tax) pay to a resident rent of more than Rs 50,000 for a month or for a part of the month - you must deduct TDS on it @5%. This is applicable from 1st June 2017.
In simple words, say if your rent is Rs 55,000 per month or Rs 6,60,000 annually. You will pay to the landlord Rs 6,27,000 (and deposit Rs 33,000 (5% TDS on 6,60,000) with the government.
TDS has to be deducted on total rental in the last month or the last month of tenancy. In the above example monthly rent is Rs 55,000, so in the last month you will pay Rs 22,000 (Rs 55,000 - Rs 33,000) to the landlord and deposit Rs 33,000 with the government. Do remember that TDS has to be deducted only once (in the last payment).
Tenant will have to mention landlord’s PAN while depositing TDS amount with the government. Details of how to do this have not been announced yet. TDS deducted will reflect in lender’s Form 26AS. He will be able to claim credit of this TDS at the time of filing income tax return. Rental income will be reported (House Property and Taxes ) and TDS will be allowed to be claimed against total tax liability.
[When the details are available we will update them here : [Step by step guide on how to pay Income Tax that is due ]
