Hello Everyone !!
Today’s video is a very important for all those tenants who have rented or who are planning to rent a property owned by an NRI and even NRIs who wants to avoid their tax deduction from rent.
If the landlord is a Non-resident, the liability to deduct tax arises under section 195 of the Income-tax Act. The rate applicable in this case will be 30% plus surcharge and education cess i.e 31.2%. It is important to note here that in case of non-residents there is no minimum amount prescribed for applicability of TDS. TDS has to be deducted irrespective of the quantum of amount. NRI can ask for lower deduction or no deduction certificate provided his total income in India is below exemption limit.
Upon payment, the tenant must fill form 15CA and submit it online. If annual payment of rent is above Rs.5,00,000, then tenant needs to obtain Form 15CB from a Chartered Accountant.
This video covers everything from TDS deduction, deposition, Filing of FORM 15CA/15CB and TDS returns. We have also covered the consequences of non-deduction and non-deposition of TDS.
Also, if you want to know more about filing of FORM 15CA/15CB or how to apply for Lower Deduction Certificate, you can let us know in the comment section or email us at - navpreet@pnhora.com to get professional advice on the same. Link for the sample FORM 15CA/15CB is given below for your reference :
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Link for video on How to file TDS return is given below:
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-----------------------------------------------------------------------------------------------------------------------Disclaimer : This Video is merely guidance for learning purposes only. All the information shared in it is only for educational purposes and does not constitute any legal advice. We do not accept any liability caused directly/indirectly due to reliance/use of any information shared by us.
