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of <h1>Finance Bill 2024: TDS Rate for Rent by Individuals/HUFs Reduced from 5% to 2%, Effective October 1, 2024.</h1> Section 194-IB of the Finance Bill 2024 proposes a reduction in the tax deduction at source (TDS) rate for rent payments made by individuals or Hindu undivided families to residents. Previously set at 5% for monthly rent payments exceeding fifty thousand rupees, the TDS rate will be lowered to 2%. This amendment aims to simplify the taxation process for capital gains and is scheduled to take effect on October 1, 2024.
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