Income tax department sent notice for not deducting TDS for more than Rs 50000

Income Tax Department Notice: A notice has been issued by the Income Tax Department to such taxpayers who have filled the rent of Rs 50,000 or more every month, who have not cut the TDS on the source while fare to the landlord. The Income Tax Department has sent notice to several taxpayers regarding the assessment years 2023-2024 and 2024-2025. It says that you have claimed for house rent allowance (HRA) during this time, but TDS did not cut it.

Tenant responsibility for cutting so much percentage TDS

Abhishek Murali, President of All India Taxpayers Association, told the media that if you want to file updated returns by reducing your claim, then this is the right time.

He said, “If you are living in a house as a tenant and paying 50,000 or more rent every month, as per the Income Tax Act, as a tenant, you will have to deduct TDS on the rent given to the landlord (effective from the rent given to the landlord (effective from October 2024, earlier). Therefore, the tenant is responsible for cutting TDS. The tenant will have to deduct TDS and deposit the income tax department and give the rest of the money to the landlord.

What will happen if TDS is not bitten?

He said, “If a tenant does not do this, then he will be considered a default taxpayer. In such a situation, interest, fine or penalty can be imposed to you from the department. This is different in different cases. For how long you have not cut TDS, it also depends on it. Usually, one to 1.5 percent per month can be. ”Abhishek Murali also mentioned the tax exemption on it.

He said, “If the landlord has filed income tax returns and has shown rental income and has also paid tax, then in this case there will be no default nor any interest or penalty will have to be paid.”

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