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        Clause 59 - Amendment of section 194-IB.

        Finance (No. 2) Bill, 2024
        Chapter III
        DIRECT TAXES - Income-tax

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        Rent withholding change reduces landlords' tax withholding obligations for specified individual payers, effective later in the year. Clause 59 proposes to amend section 194-IB to lower the withholding rate for tax deduction at source on rent paid by an individual or HUF where monthly rent exceeds the statutory threshold, with the reduced rate taking effect from 1st October, 2024.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Rent withholding change reduces landlords' tax withholding obligations for specified individual payers, effective later in the year.

                                Clause 59 proposes to amend section 194-IB to lower the withholding rate for tax deduction at source on rent paid by an individual or HUF where monthly rent exceeds the statutory threshold, with the reduced rate taking effect from 1st October, 2024.


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