What is FORM 26QC ?
The active payment challan
format not yet launched.
Thursday, July 6, 2017
What is FORM 26QC ?
What is FORM 26QC ?
From 1st June, 2017 individuals & HUF’s who are not under Tax audit(under section 44AB) while paying the rent of Rs. 50,000 or more (for a month) needs to deduct 5% TDS from the rent as per section 194IB.
TDS shall be paid to the credit of Central Government and be deposited in the authorized bank within 30 days from the end of month when tax was deducted.
This deposit has to be accompanied by the newly introduced challan-cum-statement of deduction of tax in Form No. 26QC.
This payment needs to be made in electronic mode. The active payment challan format not yet launched.
What is Form 16C ?
Form 16C is the newly introduced TDS certificate to be issued by rent payer (deductor) i.e. individuals & HUF’s who are not under Tax audit (under section 44AB), paying a rent of Rs. 50,000/- or above per month, to the rent receiver (deductee) as per section 194IB.
Form 16C is the newly introduced TDS certificate to be issued by rent payer (deductor) i.e. individuals & HUF’s who are not under Tax audit (under section 44AB), paying a rent of Rs. 50,000/- or above per month, to the rent receiver (deductee) as per section 194IB.
Form 16C contains the following details of the deductor and
deductee i.e. name, address and PAN and other details like certificate number,
financial year of deduction, unique acknowledgement number, amount paid, date,
amount of tax deducted and deposited and challan details.
-
tax
deducted is to be deposited accompanied by a challan-cum-statement in Form
No.26QC electronically within thirty days from the end of the month in which
the deduction is made.”
-
certificate
of deduction of tax at source in Form No.16C within fifteen days from the due
date for furnishing the challan, rule 31A after generating and downloading the
same from the web portal
SECTION 194IB – TDS ON RENT (FOR INDIVIDUALS & HUF)
What is FORM 26QC ?
From 1st June, 2017 individuals & HUF’s who are not under Tax audit(under section 44AB) while paying the rent of Rs. 50,000 or more (for a month) needs to deduct 5% TDS from the rent as per section 194IB.
TDS shall be paid to the credit of Central Government and be deposited in the authorized bank within 30 days from the end of month when tax was deducted.
This deposit has to be accompanied by the newly introduced challan-cum-statement of deduction of tax in Form No. 26QC.
This payment needs to be made in electronic mode. The active payment challan format not yet launched.
What is Form 16C ?
Form 16C is the newly introduced TDS certificate to be issued by rent payer (deductor) i.e. individuals & HUF’s who are not under Tax audit (under section 44AB), paying a rent of Rs. 50,000/- or above per month, to the rent receiver (deductee) as per section 194IB.
Form 16C is the newly introduced TDS certificate to be issued by rent payer (deductor) i.e. individuals & HUF’s who are not under Tax audit (under section 44AB), paying a rent of Rs. 50,000/- or above per month, to the rent receiver (deductee) as per section 194IB.
Form 16C contains the following details of the deductor and
deductee i.e. name, address and PAN and other details like certificate number,
financial year of deduction, unique acknowledgement number, amount paid, date,
amount of tax deducted and deposited and challan details.
-
tax
deducted is to be deposited accompanied by a challan-cum-statement in Form
No.26QC electronically within thirty days from the end of the month in which
the deduction is made.”
-
certificate
of deduction of tax at source in Form No.16C within fifteen days from the due
date for furnishing the challan, rule 31A after generating and downloading the
same from the web portal
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