Part IIIAMENDMENT TO THE ELECTION COMMISSION (CONDITIONS OF SERVICE OF ELECTION COMMISSIONERS AND TRANSACTION OF BUSINESS) ACT, 1991 (From Clause 144 )
Tax deduction at source on rent applies to individuals and HUFs exceeding revised turnover thresholds for business or profession. The amendment revises the second proviso to section 194 I so that an individual or Hindu undivided family must deduct tax on rent when their total sales, ... Summary
Tax deduction at source on rent applies to individuals and HUFs exceeding revised turnover thresholds for business or profession.
The amendment revises the second proviso to section 194 I so that an individual or Hindu undivided family must deduct tax on rent when their total sales, gross receipts or turnover in the preceding financial year exceed the revised turnover thresholds of one crore for business or fifty lakh for profession, replacing the previous cross reference to section 44AB; the amendment takes effect from 1 April 2020.
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