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of <h1>New Rule: Deduct 5% Tax on Rent Over 50K/Month as per Section 194-IB; Certain Exceptions Apply.</h1> Section 194-IB, introduced by the Finance Act of 2017, mandates that individuals or Hindu undivided families, excluding those specified in section 194-I, must deduct 5% income tax on rent payments exceeding fifty thousand rupees per month to a resident. This deduction should occur at the time of crediting the rent for the last month of the previous year or tenancy, or at the time of payment, whichever is earlier. Section 203A provisions are not applicable, and tax deductions under section 206AA should not exceed the rent for the last month. 'Rent' includes payments for land or building use.
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