If you have rented out an apartment or an office or any plant and machinery and your rent for a financial year exceeds Rs. 240000/-, you need to deduct and pay TDS as well as file TDS returns as per Section 194-I.
TDS rate for rent on Plant and Machinery is 2% and TDS rate on Land and Building, Furniture is 10%.
In case of Individuals and HUF, there is an additional Section 194-IB wherein you need to deduct and pay TDS as well as file TDS returns if you make a payment of rent greater than Rs. 50000/- for a month. In such case, you need to deduct TDS at the rate of 5%.
Below are the steps to make the TDS payment.
1. Click on the link https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
2. Select Challan No. /ITNS 281.
3. Select 0021 Income Tax Other than Companies in case of Individuals or Select 0020 in case of
4. Select 200 TDS Payable by Taxpayer.
5. Select Type of Payment as 94I
6. Select Mode of Payment.
7. Enter TAN.
8. Select Assessment Year.
9. Enter City, State, Pin Code.
10. Enter Captcha Code.
11. Click Proceed.
12. On Next Page confirm name (in masked form), Financial Year and proceed to the bank page.
13. On bank page, please enter the amount and complete the payment.
Post a Question in the Comments in case of any Query or Clarifications or Free Consultation.