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of <h1>Entities Must Deduct 20% Tax on Rent Payments Over 120,000 Per Year Under Income-tax Act Section 194-I</h1> Section 194-I of the Income-tax Act, effective June 1, 1994, mandates that entities, excluding individuals and Hindu undivided families, must deduct a 20% income tax on rent payments. This deduction applies at the time of crediting or payment, whichever is earlier. No deduction is required if the total rent paid during the financial year does not exceed 120,000 rupees. 'Rent' encompasses payments for the use of land, buildings, or associated facilities, regardless of ownership. Any credited income, even in suspense accounts, is considered credited to the payee for tax purposes.
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