Tds applicability on rental income

[CHITRA HARIHARAN]

Tax Deduction at Source is mandatory for rental payments exceeding Rs.1,20,000/- p.a. Kindly clarify (1) whether a non resident cum senior citizen who doen't have any other source of income can opt for nil deduction of tax by applying to the company/income tax authorities in the suitable form? If so, please indicate the form number also? (2) Whether the situation will be the same for resident cum senior citizen of india?

AI Summary

Senior Citizens Can Apply for Nil TDS on Rental Income Over Rs. 1,20,000 Under Section 197 of Income Tax Act. A query was raised regarding the applicability of Tax Deduction at Source (TDS) on rental income exceeding Rs. 1,20,000 annually, specifically for non-resident and resident senior citizens with no other income sources. The question asked if such individuals could apply for nil TDS deduction and requested the relevant form number. The response clarified that under Section 197 of the Income Tax Act, both residents and non-residents can apply to the Assessing Officer for a lower or nil rate TDS deduction.