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of <h1>Individuals and HUFs must deduct 5% tax on monthly rent over 50,000 as per Section 194-IB since June 2017.</h1> Section 194-IB of the Income-tax Act, effective from June 1, 2017, mandates that individuals or Hindu undivided families, excluding those mentioned in section 194-I's second proviso, must deduct 5% income tax on rent payments exceeding fifty thousand rupees per month. The deduction occurs at the earlier of rent credit or payment. Section 203A provisions do not apply here, and deductions under section 206AA cannot exceed the last month's rent. 'Rent' includes payments under any lease or tenancy agreement for land or buildings.
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