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of <h1>Amendment to Section 194-IB: Tax Deduction on Rent Adjusted, Removes Section 206AB Reference Effective April 1, 2022.</h1> Clause 57 of the Finance Bill, 2022, proposes an amendment to section 194-IB of the Income-tax Act, which pertains to tax deductions on rent payments by certain individuals or Hindu undivided families. The amendment involves removing the reference to section 206AB from sub-section (4) of section 194-IB. This section mandates a 5% tax deduction on rent payments exceeding fifty thousand rupees per month to a resident. The amendment, effective from April 1, 2022, ensures that deductions will not exceed the rent for the last month of the previous year or tenancy, without considering section 206AB.
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